Backup keys won't restore · Issue #19 · bitcoin-wallet ...

Bitcoin 11 Years - Achievements, Lies, and Bullshit Claims So Far - Tooootally NOT a SCAM !!!!

That's right folks, it's that time again for the annual review of how Bitcoin is going: all of those claims, predictions, promises .... how many have turned out to be true, and how many are completely bogus ???
Please post / link this on Bitcoin (I am banned there for speaking the truth, so I cannot do it) ... because it'a way past time those poor clueless mushrooms were exposed to the truth.
Anyway, without further ado, I give you the Bitcoin's Achievements, Lies, and Bullshit Claims So Far ...
.
Bitcoin Achievements so far:
  1. It has spawned a cesspool of scams (2000+ shit coin scams, plus 100's of other scams, frauds, cons).
  2. Many 1,000's of hacks, thefts, losses.
  3. Illegal Use Cases: illegal drugs, illegal weapons, tax fraud, money laundering, sex trafficking, child pornography, hit men / murder-for-hire, ransomware, blackmail, extortion, and various other kinds of fraud and illicit activity.
  4. Legal Use Cases: Steam Games, Reddit, Expedia, Stripe, Starbucks, 1000's of merchants, cryptocurrency conferences, Ummm ????? The few merchants who "accept Bitcoin" immediately convert it into FIAT after the sale, or require you to sell your coins to BitPay or Coinbase for real money, and will then take that money. Some of the few who actually accept bitcoin haven't seen a customer who needed to pay with bitcoin for the last six months, and their cashiers no longer know how to handle that.
  5. Contributing significantly to Global Warming.
  6. Wastes vasts amounts of electricity on useless, do nothing work.
  7. Exponentially raises electricity prices when big miners move into regions where electricity was cheap.
  8. It’s the first "currency" that is not self-sustainable. It operates at a net loss, and requires continuous outside capital to replace the capital removed by miners to pay their costs. It’s literally a "black hole currency."
  9. It created a new way for people living too far from Vegas to gamble all their life savings away.
  10. Spawned "blockchain technology", a powerful technique that lets incompetent programmers who know almost nothing about databases, finance, programming, or blockchain scam millions out of gullible VC investors, banks, and governments.
  11. Increased China's foreign trade balance by a couple billion dollars per year.
  12. Helped the FBI and other law enforcement agents easily track down hundreds of drug traffickers and drug users.
  13. Wasted thousands if not millions of man-hours of government employees and legislators, in mostly fruitless attempts to understand, legitimize, and regulate the "phenomenon", and to investigate and prosecute its scams.
  14. Rekindled the hopes of anarcho-capitalists and libertarians for a global economic collapse, that would finally bring forth their Mad Max "utopia".
  15. Added another character to Unicode (no, no, not the "poo" 💩 character ... that was my first guess as well 🤣)
  16. Provides an easy way for malware and ransomware criminals to ply their trade and extort hospitals, schools, local councils, businesses, utilities, as well as the general population.
.
Correct Predictions:
  1. 2015-12: "1,000 dollar in 2015", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/ (Technically, this prediction is WRONG because the highest price reached in 2015 was $495.56 according to CMC. Yes, Bitcoin reached $1,000 in 2013 and 2014, but that's NOT what the prediction says).
  2. 2017-12: "10,000 in 2017", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  3. 2018-04: $10,000 (by April 2018), Mike Novogratz, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.bloomberg.com/news/articles/2017-11-21/mike-novogratz-says-bitcoin-will-end-the-year-at-10-000
  4. 2018-12: $10,000 (by 2018), Tim Draper, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.youtube.com/watch?v=3AW5s6QkRRY
  5. Any others ? (Please tell me).
.
Bitcoin Promises / Claims / Price Predictions that turned out to be lies and bullshit:
  1. ANONYMOUS
  2. CENSORSHIP RESISTANT
  3. FRICTIONLESS
  4. TRUSTLESS
  5. UNCENSORABLE
  6. UNTRACEABLE
  7. SAFE
  8. SECURE
  9. YOU CANNOT LOSE
  10. NOT A SCAM
  11. PERMISSIONLESS
  12. GUARANTEED PRIVACY
  13. CANNOT BE SEIZED
  14. CANNOT BE CONFISCATED
  15. Be your own bank
  16. Regulation-proof
  17. NO MIDDLEMEN
  18. DECENTRALIZED
  19. Instantaneous transactions
  20. Fast transactions
  21. Zero / No transaction fees
  22. Low transaction fees
  23. A store of value
  24. A deflationary digital asset
  25. "A deflationary digital asset that no single human being can destroy."
  26. "an asset that is equally as dual use as a car, water, or any other traditional element that has existed."
  27. "Digital gold"
  28. Easy to use
  29. Cannot be stolen
  30. Cannot be hacked
  31. Can be mined by anyone
  32. Can be mined by anyone, even with an old computer or laptop
  33. Cannot be centralized
  34. Will return power back to the people.
  35. Not a Ponzi scam
  36. Not a Pyramid scam
  37. Never pay tax again
  38. Your gains cannot be taxed
  39. A currency
  40. An amazing new class of asset
  41. An asset
  42. A means to economic freedom
  43. A store of value
  44. The best investment the word has ever seen
  45. A great investment
  46. Efficient
  47. Scalable
  48. Stable
  49. Resilient
  50. Reliable
  51. Low energy
  52. Low risk
  53. Redistribute wealth to everybody
  54. No more have's and have not's
  55. No more US and THEM
  56. No more disadvantaged people
  57. No more RICH and POOR
  58. No more poor people
  59. Uses amazing new technology
  60. Uses ingenious new technology
  61. Satishi Nakamoto invented ...
  62. Segwit will solve all of Bitcoin's woes
  63. Lightning Network will solve all of Bitcoin's woes
  64. Limited by scarcity
  65. Can only go up in value
  66. Price cannot crash
  67. Has intrinsic value
  68. Value will always be worth more than cost to mine
  69. Adoption by investors is increasing exponentially
  70. Adoption by investors is increasing
  71. Adoption by merchants is increasing exponentially
  72. Adoption by merchants is increasing
  73. You are secure if you keep your coins on an exchange
  74. You are secure if you keep your coins in a hardware wallet
  75. You are secure if you keep your coins in an air-gapped Linux PC
  76. Will change the world
  77. "the next phase in human evolution"
  78. "Blockchain is more encompassing than the internet"
  79. Blockchain can solve previously unsolvable problems.
  80. "The only regulation we need is the blockchain"
  81. "Bank the unbanked"
  82. "To abolish financial slavery and the state's toxic monopoly on money."
  83. "To have better tools in the fight against the state violence and taxation."
  84. "To stamp information on a blockchain forever so we can bypass state censorship, copyrights, patents(informational monopolies) etc."
  85. Will destroy / overthrow FIAT
  86. Will destroy / overthrow the world's governments
  87. Will destroy / overthrow the banking system
  88. Will destroy / overthrow the world economies
  89. Will free people from tyranny
  90. Will give people financial freedom
  91. Will bring world peace
  92. Never going below $19K again
  93. Never going below $18K again
  94. Never going below $17K again
  95. Never going below $16K again
  96. Never going below $15K again
  97. Never going below $14K again
  98. Never going below $13K again
  99. Never going below $12K again
  100. Never going below $11K again
  101. Never going below $10K again
  102. Never going below $9K again
  103. Never going below $8K again
  104. Never going below $7K again
  105. Never going below $6K again
  106. Never going below $5K again
  107. Never going below $4K again
  108. Is NOT a Scam
  109. Hashing Power secures the Bitcoin network
  110. Untraceable, private transactions
  111. Guaranteed privacy
  112. Not created out of thin air
  113. Not created out of thin air by unregulated, unbacked entities
  114. Totally NOT a scam
  115. Is not used primarily by crimonals, drug dealers, or money launderers.
  116. 100% secure
  117. 2010 will be the "Year of Crypto"
  118. 2011 will be the "Year of Crypto"
  119. 2012 will be the "Year of Crypto"
  120. 2013 will be the "Year of Crypto"
  121. 2014 will be the "Year of Crypto"
  122. 2015 will be the "Year of Crypto"
  123. 2016 will be the "Year of Crypto"
  124. 2017 will be the "Year of Crypto"
  125. 2018 will be the "Year of Crypto"
  126. 2019 will be the "Year of Crypto"
  127. 2010: MASS ADOPTION any day now"
  128. 2011: MASS ADOPTION aany day now"
  129. 2012: MASS ADOPTION aaany day now"
  130. 2013: MASS ADOPTION aaaany day now"
  131. 2014: MASS ADOPTION aaaaany day now"
  132. 2015: MASS ADOPTION aaaaaany day now"
  133. 2016: MASS ADOPTION aaaaaaany day now"
  134. 2017: MASS ADOPTION aaaaaaaany day now"
  135. 2018: MASS ADOPTION aaaaaaaaany day now"
  136. 2019: MASS ADOPTION aaaaaaaaany day now"
  137. "Financial Freedom, bro."
  138. no single entity, government or individual, can alter or reverse its transactions
  139. insurance against the tyranny of state
  140. Bitcoin has come to destroy all governments and bring about the libertarian utopia of my dreams.
  141. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 2+ years.
  142. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 5+ years.
  143. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 7+ years.
  144. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 9+ years.
  145. 1,000's of predictions of skyrocketing and/or never falling prices
  146. Escape the petty rivalries of warring powers and nation states by scattering control among the many. The Bitcoin Cash debacle proves that even the most cryptographically secure plans of mice and men often go awry. Ref: https://www.reddit.com/Buttcoin/comments/9zfhb6/like_theres_only_one_flaw_with_buttcoin_crash/ea8s11m
  147. People will NEVER be able to welch out of bets or deals again. Nov-2018, Ref: https://www.reddit.com/Buttcoin/comments/9zvpl2/the_guy_who_made_the_1000_bet_that_btc_wouldnt/
  148. "Everything will be better, faster, and cheaper.", Brock Pierce, EOS.io shill video.
  149. "Everything will be more connected.", Brock Pierce, EOS.io shill video.
  150. "Everything will be more trustworthy.", Brock Pierce, EOS.io shill video.
  151. "Everything will be more secure.", Brock Pierce, EOS.io shill video.
  152. "Everything that exists is no-longer going to exist in the way that it does today.", Brock Pierce, EOS.io shill video.
  153. "Everything in this world is about to get better.", Brock Pierce, EOS.io shill video.
  154. You are a slave to the bankers
  155. The bankers print money and then you pay for it
  156. Bitcoin is The Peoples Money
  157. Bitcoin will set you free
  158. Bitcoin will set you free from the slavery of the banks and the government Ref: https://www.reddit.com/Bitcoin/comments/cd2q94/bitcoin_shall_set_you_free/
  159. ~~Bitcoin is "striking fear into the hearts of bankers, precisely because Bitcoin eliminates the need for banks. ~~, Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  160. "When transactions are verified on a Blockchain, banks become obsolete.", Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  161. SnapshillBot quotes from delusional morons:
  162. "A bitcoin miner in every device and in every hand."
  163. "All the indicators are pointing to a huge year and bigger than anything we have seen before."
  164. "Bitcoin is communism and democracy working hand in hand."
  165. "Bitcoin is freedom, and we will soon be free."
  166. "Bitcoin isn't calculated risk, you're right. It's downright and painfully obvious that it will consume global finance."
  167. "Bitcoin most disruptive technology of last 500 years"
  168. "Bitcoin: So easy, your grandma can use it!"
  169. "Creating a 4th Branch of Government - Bitcoin"
  170. "Future generations will cry laughing reading all the negativity and insanity vomited by these permabears."
  171. "Future us will thank us."
  172. "Give Bitcoin two years"
  173. "HODLING is more like being a dutiful guardian of the most powerful economic force this planet has ever seen and getting to have a say about how that force is unleashed."
  174. "Cut out the middleman"
  175. "full control of your own assets"
  176. "reduction in wealth gap"
  177. "no inflation"
  178. "cannot print money out of thin air"
  179. "Why that matters? Because blockchain not only cheaper for them, it'll be cheaper for you and everyone as well."
  180. "If you are in this to get rich in Fiat then no. But if you are in this to protect your wealth once the current monetary system collapse then you are protected and you'll be the new rich."
  181. "Theres the 1% and then theres the 99%. You want to be with the rest thats fine. Being different and brave is far more rewarding. No matter your background or education."
  182. "NO COINERS will believe anything they are fed by fake news and paid media."
  183. "I know that feeling (like people looking at you as in seeing a celebrity and then asking things they don't believe until their impressed)."
  184. "I literally walk round everyday looking at other people wondering why they even bother to live if they don't have Bitcoin in their lives."
  185. "I think bitcoin may very well be the best form of money we’ve ever seen in the history of civilization."
  186. "I think Bitcoin will do for mankind what the sun did for life on earth."
  187. "I think the constant scams and illegal activities only show the viability of bitcoin."
  188. "I think we're sitting on the verge of exponential interest in the currency."
  189. "I'm not using hyperbole when I say Satoshi found the elusive key to World Peace."
  190. "If Jesus ever comes back you know he's gonna be using Bitcoin"
  191. "If this idea was implemented with The Blockchain™, it would be completely flawless! Flawless I tell you!"
  192. "If you're the minimum wage guy type, now is a great time to skip food and go full ramadan in order to buy bitcoin instead."
  193. "In a world slipping more and more into chaos and uncertainty, Bitcoin seems to me like the last solid rock defeating all the attacks."
  194. "In this moment, I am euphoric. Not because of any filthy statist's blessing, but because I am enlightened by own intelligence."
  195. "Is Bitcoin at this point, with all the potential that opens up, the most undervalued asset ever?"
  196. "It won't be long until bitcoin is an everyday household term."
  197. "It's the USD that is volatile. Bitcoin is the real neutral currency."
  198. "Just like the early Internet!"
  199. "Just like the Trojan Horse of old, Bitcoin will reveal its full power and nature"
  200. "Ladies if your man doesnt have some bitcoin then he cant handle anything and has no danger sex appeal. He isnt edgy"
  201. "let me be the first to say if you dont have bitcoin you are a pussy and cant really purchase anything worldwide. You have no global reach"
  202. "My conclusion is that I see this a a very good thing for bitcoin and for users"
  203. "No one would do such a thing; it'd be against their self interests."
  204. "Ooh lala, good job on bashing Bitcoin. How to disrespect a great innovation."
  205. "Realistically I think Bitcoin will replace the dollar in the next 10-15 years."
  206. "Seperation of money and state -> states become obsolete -> world peace."
  207. "Some striking similarities between Bitcoin and God"
  208. "THANK YOU. Better for this child to be strangled in its crib as a true weapon for crypto-anarchists than for it to be wielded by toxic individuals who distort the technology and surrender it to government and corporate powers."
  209. "The Blockchain is more encompassing than the internet and is the next phase in human evolution. To avoid its significance is complete ignorance."
  210. "The bull run should begin any day now."
  211. "The free market doesn't permit fraud and theft."
  212. "The free market will clear away the bad actors."
  213. "The only regulation we need is the blockchain."
  214. "We are not your slaves! We are free bodies who will swallow you and puke you out in disgust. Welcome to liberty land or as that genius called it: Bitcoin."
  215. "We do not need the bankers for Satoshi is our saviour!"
  216. "We have never seen something so perfect"
  217. "We must bring freedom and crypto to the masses, to the common man who does not know how to fight for himself."
  218. "We verified that against the blockchain."
  219. "we will see a Rennaisnce over the next few decades, all thanks to Bitcoin."
  220. "Well, since 2006, there has been a infinite% increase in price, so..."
  221. "What doesn't kill cryptocurrency makes it stronger."
  222. "When Bitcoin awake in normally people (real people) ... you will have this result : No War. No Tax. No QE. No Bank."
  223. "When I see news that the price of bitcoin has tanked (and thus the market, more or less) I actually, for-real, have the gut reaction "oh that’s cool, I’ll be buying cheap this week". I never knew I could be so rational."
  224. "Where is your sense of adventure? Bitcoin is the future. Set aside your fears and leave easier at the doorstep."
  225. "Yes Bitcoin will cause the greatest redistribution of wealth this planet has ever seen. FACT from the future."
  226. "You are the true Bitcoin pioneers and with your help we have imprinted Bitcoin in the Canadian conscience."
  227. "You ever try LSD? Perhaps it would help you break free from the box of state-formed thinking you have limited yourself..."
  228. "Your phone or refrigerator might be on the blockchain one day."
  229. The banks can print money whenever they way, out of thin air, so why can't crypto do the same ???
  230. Central Banks can print money whenever they way, out of thin air, without any consequences or accounting, so why can't crypto do the same ???
  231. It's impossible to hide illegal, unsavory material on the blockchain
  232. It's impossible to hide child pornography on the blockchain
  233. Fungible
  234. All Bitccoins are the same, 100% identical, one Bitcoin cannot be distinguished from any other Bitcoin.
  235. The price of Bitcoin can only go up.
  236. "Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  237. Scarcity
  238. The price of Bitcoin can only go up because of scarcity / 21 million coin limit. (Bitcoin is open source, anyone can create thir own copy, and there are more than 2,000+ Bitcoin copies / clones out there already).
  239. immune to government regulation
  240. "a world-changing technology"
  241. "a long-term store of value, like gold or silver"
  242. "To Complex to Be Audited."
  243. "Old Auditing rules do not apply to Blockchain."
  244. "Old Auditing rules do not apply to Cryptocurrency."
  245. "Why Bitcoin has Value: SCARCITY.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  246. "Bitcoin is the first scarce digital object the world has ever seen, it is scarce like silver & gold, and can be sent over the internet, radio, satellite etc.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  247. "Surely this digital scarcity has value.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  248. Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  249. "May 2018 will be the last time we ever see $bitcoin under $10,000", Charlie Shrem, bitcoin advocate and convicted felon, 11:31 AM 3-May-2018, https://twitter.com/CharlieShrem/status/992109375555858433
  250. "Last dip ever.", AngeloBTC, 14 Oct 2018, https://mobile.twitter.com/AngeloBTC/status/1051710824388030464/photo/1
  251. "Bitcoin May Have Just Experienced its Final Shakeout Before a Big Rally", Joseph Young, coin shill, October 15, 2018 22:30 CET, https://www.ccn.com/bitcoin-may-have-just-experienced-its-final-shakeout-before-a-big-rally/
  252. Bitcoin would be a buy if the price fell under $5,000., Mohamed El-Erian, chief economic advisor at Allianz, 29-Jun-2018, https://www.ccn.com/bitcoin-a-buy-below-5000-says-allianz-chief-economic-adviso
  253. 2013-11-27: ""What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar [27-Nov-2013], services began to emerge for the "Bitcoin rich" to protect themselves as well as their wealth. It started with expensive safes, then began to include bodyguards, and today, "earlies" (our term for early adapters), as well as those rich whose wealth survived the "transition" live in isolated gated cities called Citadels, where most work is automated. Most such Citadels are born out of the fortification used to protect places where Bitcoin mining machines are located. The company known as ASICminer to you is known to me as a city where Mr. Friedman rules as a king.", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  254. 2018-02: Bitcoin price to hit $27,000 by February 2018, Trace Mayer, host of the Bitcoin Knowledge Podcast, and self-proclaimed entrepreneur, investor, journalist, monetary scientist and ardent defender, Link #1: https://mobile.twitter.com/TraceMayestatus/917260836070154240/photo/1, Link #2: https://www.bitcoinprice.com/predictions/
  255. 2018-06: "Bitcoin will surpass $15,000 in June [2018]." John McAfee, May 25, 2018, https://bitcoinist.com/john-mcafee-says-bitcoin-will-surpass-15000-in-june/
  256. 2018-07: Bitcoin will be $28,000 by mid-2018, Ronnie Moas, Wall Street analyst and founder of Standpoint Research, http://helpfordream.com/2018/12/23/5-bitcoin-price-predictions-gone-wrong/.
  257. 2018-12: Bitcoin to reach a price of between 40,000 and 110,000 US dollars by the end of the 2017 bull run ... sometime before 2019, Masterluc, 26-May-2017, an anonymous "legendary" Bitcoin trader, Link #1: https://www.tradingview.com/chart/BTCUSD/YRZvdurN-The-target-of-current-bubble-lays-between-40k-and-110k/, Link #2: https://www.bitcoinprice.com/predictions/
  258. 2018-12: "There is no reason why we couldn’t see Bitcoin pushing $50,000 by December [2018]", Thomas Glucksmann, head of APAC business at Gatecoin, Link #1: https://www.bitcoinprice.com/predictions/
  259. 2018-12: Listen up you giggling cunts... who wants some?...you? you want some?...huh? Do ya? Here's the deal you fuckin Nerds - Butts are gonna be at 30 grand or more by next Christmas [2018] - If they aren't I will publicly administer an electronic dick sucking to every shill on this site and disappear forever - Until then, no more bans or shadow bans - Do we have a deal? If Butts are over 50 grand me and Lammy get to be mods. Deal? Your ole pal - "Skully" u/10GDeathBoner, 3-Feb-2018 https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/
  260. 2018-12: 1 bitcoin = 1 Lambo. Remind me on Christmas eve [2018] u/10GDeathBoner, 3-Feb-2018, https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/dtn2pna
  261. 2018-12: Been in BTC since 2014 and experienced many "deaths" of BTC... this too shall pass... $10k end of the year. [2018] u/Exxe2502, 30-Jun-2018 https://reddit.com/Bitcoin/comments/8uur27/_/e1ioi5b/?context=1
  262. 2018-12: "Yale Alumni prediction - 30 Grand by Christmas [2018] - and you my friend... you will be the one eating Mcafee's dick in 2020. :) -:", u/SirNakamoto, 15-Jun-2018, https://www.reddit.com/Buttcoin/comments/8r0tyh/fdic_agrees_to_cover_bitcoin_losses_in_event_of/e0nzxq7
  263. 2018-12: "Impossible For Bitcoin Not to Hit $10,000 by This Year (2018)", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 22-Sep-2018, https://www.newsbtc.com/2018/09/22/billionaire-novogratz-impossible-for-bitcoin-not-to-hit-10000-by-this-yea
  264. 2018-12: "[Bitcoin] between $13,800 and $14,800 [by end of 2018]", Fundstrat's Tom Lee, 13-Dec-2018, https://www.cnbc.com/2018/12/13/wall-streets-bitcoin-bull-tom-lee-we-are-tired-of-people-asking-us-about-target-prices.html
  265. 2018-12: "Bitcoin is going to be $15k-$20k by the end of the year (2018)", Didi Taihuttu, 1-Nov-2018, https://www.wsj.com/video/series/moving-upstream/the-bitcoin-gamble/85E3A4A7-C777-4827-9A3F-B387F2AB7654
  266. 2018-12: 2018 bitcoin price prediction reduced to $15,000 [was $25,000], Fundstrat's Tom Lee, 16-Nov-2018, https://www.cnbc.com/2018/11/16/wall-streets-crypto-bull-tom-lee-slashes-year-end-forecast-by-10000.html
  267. 2018-12: "I want to be clear, bitcoin is going to $25,000 by year end (2018)", Fundstrat's Tom Lee, 5-Jul-2018, https://www.cnbc.com/video/2018/07/05/tom-lee-i-want-to-be-clear-bitcoin-is-going-to-25000-by-year-end.html
  268. 2018-12: "Bitcoin could be at $40,000 by the end of 2018, it really easily could", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 21-Sep-2018, https://www.youtube.com/watch?v=6lC1anDg2KU
  269. 2018-12: "Bitcoin will be priced around $50,000 by the end of the year (2018)", Bitcoin bull Arthur Hayes, co-founder and CEO of BitMEX, 29-Jun-2018, https://www.cnbc.com/2018/06/29/bitcoin-will-reach-50000-in-2018-says-founder-of-bitcoin-exchange.html
  270. 2018-12: "Bitcoin could definitely see $50,000 in 2018", Jeet Singh, cryptocurrency portfolio manager, speaking in January 2018 at the World Economic Forum in Davos, https://www.dcforecasts.com/new-prediction-says-bitcoin-hit-50000-2018/
  271. 2018-12: "Bitcoin will hit $100,000 this year (2018)", Kay Van-Petersen, an analyst at Saxo Bank, 17-Jan-2018, https://www.cnbc.com/2018/01/16/bitcoin-headed-to-100000-in-2018-analyst-who-forecast-2017-price-move.html
  272. 2018-12: "Bitcoin price to surpass the $100,000 mark by the end of 2018", Tone Vays, 21-Sep-2017, https://www.ccn.com/prominent-bitcoin-trader-price-is-heading-towards-100000-in-2018/
  273. 2018-12: "Bitcoin’s Price Will Surpass the $100,000 Mark by the End of 2018", Anonymous ("author" obviously too embarrassed to put his name to such bullshit "articles"), Oct-2018, https://investingpr.com/bitcoin-price-predictions-for-2018/
  274. 2018-12: "Our [2018] year-end bitcoin target is $7700.", James Stefurak, Founder at Monarch Research. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  275. 2018-12: "... we’ll see the price rally reaching its all-time of high of around $20K before the end of 2018", Khaled Khorshid, Co-Founder at Treon ICO. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  276. 2018-12: Bitcoin will end 2018 at the price point of $50,000, Ran Neuner, host of CNBC’s show Cryptotrader and the 28th most influential Blockchain insider according to Richtopia,https://www.bitcoinprice.com/predictions/
  277. Plus a whole host of wrong 2019 predictions (could not be included here because of post character limit issues), so please see my earlier post from 4 days ago: Ummm, remember those "Expert" Bitcoin Price Predictions for 2019 ..... ohhhhh dear ....., https://www.reddit.com/Buttcoin/comments/eiqhq3/ummm_remember_those_expert_bitcoin_price/
.
But it's NOT all bad news, some claims and promises are yet to be determined:
  1. Never going below $3K again
  2. Never going below $2K again
  3. Never going below $1K again
  4. Any others ? Please let me know.
submitted by Crypto_To_The_Core to Buttcoin [link] [comments]

Top-60 bitcoin/crypto quotes of the last decade, because reading them makes you feel good, and it feels good to feel good. Also one trading tip

First, number one trading tip for the next decade (in my opinion):

XXA/XLM trading pair, price is 5.20 XLM (0.3588 USD). Ixinium XXA is so undervalued right now. Target profit +300% for this year. Backet by precious metals. Precious metals 100% insured by Lloyd's of London. Target price levels for this year because of precious metals base value:
12.0 XLM (0.83 USD, +130.6%)
18.8 XLM (1.30 USD, +261.5%)
23.2 XLM (1.60 USD, +345.9%)
Price up since Coinmarketcap listing 7 days ago: 47.26%
XXA/XLM trading pair on Stellarport and StellarX exchanges with zero trading fee. It's not too late to become an Ixinium whale :)

My favorite bitcoin/crypto quotes, last ten years:

  1. Came into Bitcoin for the short-term dollar gains. Stayed in Bitcoin for the long-term bitcoin gains.

  1. Fiat addicts you to spending. Bitcoin addicts you to saving.

  1. There are 1,900x more dollars in existence today than there was less than a hundred years ago. Bitcoin has no top because fiat has no bottom.

  1. Most investors would be better off if they lost the password to their account and couldn’t log in for a few years.

  1. How I learned to stop worrying and love the bear market: Value your wealth in bitcoin not fiat.

  1. If I had a Bitcoin for every time someone asked me if I know who Satoshi is... I'd be Satoshi.

  1. Every second bitcoin stays out of the spotlight, is another second we get to build unopposed. We can't take this time for granted.

  1. You can't be excited about Bitcoin and fear the bear market. It's like being excited for Christmas but fearing winter. The bear market is a natural part of Bitcoin's mass adoption.

  1. Crypto is the only money that works on the internet. But it's also the only money that works in space. It's really expensive to bring gold bars to Mars.

  1. The fact that your normie friends don't think Bitcoin is cool yet is the reason why there is still massive upside potential.

  1. Feel free to print (fiat money) as much as you need, as I am already all in crypto.

  1. Satoshi walks in to a bar. Nobody knows.

  1. Fiat supply: unlimited. Gold supply: unknown. Bitcoin supply: 21 million.

  1. Most people still don’t know anything about Bitcoin except its price. But they don’t know why Bitcoin has a price in the first place. Hence the skepticism. When you don’t know why something has a price, it is impossible to understand how much it can really be worth.

  1. There can never be more than 17 million people who own 1 full bitcoin. But in practice, there will be far fewer.

  1. Internet allowed you to never have to go to the library. Bitcoin will allow you to never have to go to the bank.

  1. Google's CEO is Indian
Nokia's CEO is Indian
Adobe's CEO is Indian
Amazon's BOD is Indian
MasterCard's CEO is Indian
Microsoft's CEO is Indian
Pepsico's CEO was Indian indra nooyi
Nasa has 58% Indian employees
Do something towards $Btc bans in India! ENOUGH IS ENOUGH.

  1. When you trade trends, you can be the last person to join the trend & first person to leave the trend & you can still outperform everyone else in long term simply because others will keep guessing the tops & bottoms while you will keep riding confirmed trends.

  1. You don't need to fomo into positions, if you accumulate early.

  1. If your "financial advisor" doesn't advise you to buy crypto, fire 'em.

  1. Bitcoin doesn't care about your feelings. It also doesn't care about your gender, ethnicity, sexual preference or religion. Bitcoin just is.

  1. Want to prove to an investor that your crypto product is needed? Get people to use it. It is really hard to argue with usage.

  1. Is it possible to be a BTC maximalist and be Vegan? Asking for a friend..

  1. If you think that bitcoin is not going to the mainstream, think again.

  1. Most people don’t know what money is. This is why Bitcoin is still underrated. First, learn what money is. Then, you will be able to leverage the massive opportunity that is Bitcoin.

  1. If you think the people in charge know exactly what they’re doing, do nothing & continue on with your life. If you think those in charge may NOT actually be as smart as they want us to think, buy a little Bitcoin. The status quo is a bet on humans, but Bitcoin is a bet on math.

  1. Bitcoin is only risky to those who don’t understand it.

  1. Short term volatility doesn’t phase long term investors.

  1. If you manage your risk, your profits will take care of itself. If you don't, your parents will take care of you.

  1. For every person in the world, there are only 0.00225764 bitcoins.

  1. If you did your research, this bear market was expected. Bear or bull market, it’s business as usual for true Bitcoiners.

  1. For Bitcoin to succeed, the whole world doesn't need to understand its value proposition. Those who do will profit from its monetization. Those who don't will naturally adopt this better money.
Economic reality imposes itself onto the world whether you're aware of it or not.

  1. This is not financial advice. This is life advice. Buy Bitcoin.

  1. If Banks & Fiat are horse carriages, then Bitcoin isn't merely cars, it's fucking teleportation.

  1. How Bitcoin enables global prosperity:
Bitcoin makes you future-oriented
Bitcoin makes delaying gratification easier
Bitcoin makes saving & capital accumulation easier
Bitcoin makes investing easier
Bitcoin makes global trade easier
Bitcoin makes advancing civilization easier

  1. Bitcoin is the ultimate marshmallow experiment. People who are able to hodl for longer will tend to have better life outcomes.

  1. Other than your human time, Bitcoin is the scarcest thing on earth. Human time will become more abundant as life expectancy increases. Bitcoin, however, will only become scarcer.

  1. The energy cost of Bitcoin mining will pale in comparison to the improvements in the world’s productivity and prosperity that are enabled by Bitcoin.

  1. Pros of bear market:
-You can buy more Bitcoin
-Devs more productive than ever
-Weak hands driven out+hodler base strengthened
-Focus on fundamentals, not short-term price
-Overvalued shitcoins deflated
-Critical Infrastructure being built out, making next bull run even fiercer

  1. The more productive we are during the bear market, the harder Bitcoin will pump in the next bull market. Ignore short-term price action. Focus on Bitcoin fundamentals.

  1. Bitcoin bear market is the best time for buying, learning and staying miles ahead of the normies who will once again be late to the game and will buy the top.

  1. Before you invest in Bitcoin, invest in educating yourself about Bitcoin. Understanding Bitcoin will make your conviction much stronger and enable you to maximize your gains.

  1. There are 2 ways you can adopt Bitcoin:
  2. Early on & willingly-> result: allows you to capture upside as Bitcoin grows & becomes widely used or
  3. Much later & not having another choice-> result: failing to capture most upside from Bitcoin's monetization.
The choice is yours.

  1. The overwhelming majority of highly intelligent people I talk to still have no idea why Bitcoin is valuable. We are extremely early. The ability to identify opportunity before others and take advantage of the information asymmetry is key.

  1. Bitcoin will succeed with or without you. Don’t be left behind.

  1. In the 90s people couldn’t imagine that the Internet would replace newspapers, TV, phone calls, shops & many other things. Today, people can't imagine Bitcoin becoming mass adopted money. Bitcoin will do to money what Internet did to information. And money is a way bigger market.

  1. If every millionaire in the US wanted to have just 1 bitcoin they wouldn't be able to. There will always be fewer bitcoins than there are millionaires in the US (let alone the whole world). Ignore this at your own risk.

  1. The corporations & institutions that stand to lose from Bitcoin adoption are made up of individuals who stand to benefit massively from Bitcoin adoption. Realizing that every group or entity is made up of self-motivated individuals is key to realizing why Bitcoin will succeed.

  1. Bitcoin self-selects for people with:
* Low time preference
* Long attention span
* Commitment
* Authenticity
* Patience
* Persistence
* Ability to focus
* Ability to go against the mainstream
Bitcoin is a marathon, not a sprint.

  1. If you don’t have a deep understanding of:
  2. What money is
  3. Functions of money
  4. Monetary history
  5. Money properties that fulfill its various functions
Then don’t you dare criticize Bitcoin.

  1. Bitcoin doesn’t care:
- what color you are
- what sex you are
- what age you are
- what your religion is
- who your parents are
- which university/school you went to
- who you’re friends with
- how expensive your lawyer is
Bitcoin cannot discriminate.

  1. You chase money every single day. You stress over money all your life. You worship money.
But you have no idea why money is valuable. Money controls your life because you have no understanding of what it is. Once you ask yourself “What is money?”, Bitcoin will make sense.

  1. Satoshi Nakamoto deserves:
- Nobel Prize in Economics
- Nobel Peace Prize
- Nobel Prize in Physics
But thankfully the last thing Satoshi needs is the validation of the establishment.

  1. Bitcoin is doing better than corporations & altcoins though it never had:
- CEO
- Marketing
- Salaries
- ICO
- Partnerships
- Headquarters
- Customer support
Bitcoin is an emergent superorganism. Members contribute according to their ability, driven by passion more than greed.

  1. July 2011 - $31
- “Damn, I should've bought bitcoin earlier”
Apr 2013 - $266
- “Damn, I should've bought bitcoin earlier”
Nov 2013 - $1,242
- “Damn, I should've bought bitcoin earlier”
Dec 2017 - $19,891
- “Damn, I should've bought bitcoin earlier”
2022-2023 - ...
- “Damn..”

  1. Successful crypto trading boils down to correctly predicting how the whales will torture the normies next.

  1. Bitcoin doesn’t wait for anyone. It’s up to you if you want to learn this the hard way.

  1. Percentage of world using the Internet in 1995 = 0.4%
Percentage of world using the Internet in 2019 = 58.8%
Bitcoin is to money what the Internet is to information.
Percentage of world using Bitcoin in 2019 = 0.4%
If you thought you are late to Bitcoin, think again.

  1. I didn't choose the dollar.
I didn't choose the euro.
I didn't choose the pound.
I didn't choose the yen.
I didn't choose the ruble.
I didn't choose fractional reserve banking.
I didn't choose central banks.
I didn't choose quantitative easing.
I choose Bitcoin.

  1. Using Bitcoin
  2. Download wallet
  3. Receive funds
Using Banks
  1. Go to location
  2. Identification card
  3. Social Security #
  4. Hidden fees
  5. Initial deposit
  6. Proof of address
  7. Unreadable legal docs
  8. Wait a week for your funds
Which one will the next generation choose?

Many of these wisdom quotes are from the author of the new book called “This ₿ook Will Save You Time”, and he's donating all of the proceeds from the book sales to a Bitcoin developer.
submitted by crypto_trading_stats to CryptoCurrencyTrading [link] [comments]

r/Bitcoin recap - November 2018

Hi Bitcoiners!
I’m back with the 23rd monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in November 2018
Adoption
Development
Security
Mining
Business
Research
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
Congratulations Bitcoin on about to be 1 Million subscribers! See you next month!
submitted by SamWouters to Bitcoin [link] [comments]

SEC Chairman Jay Clayton: Statement on Cryptocurrencies and Initial Coin Offerings

https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11
The world’s social media platforms and financial markets are abuzz about cryptocurrencies and “initial coin offerings” (ICOs). There are tales of fortunes made and dreamed to be made. We are hearing the familiar refrain, “this time is different.”
The cryptocurrency and ICO markets have grown rapidly. These markets are local, national and international and include an ever-broadening range of products and participants. They also present investors and other market participants with many questions, some new and some old (but in a new form), including, to list just a few:
The answers to these and other important questions often require an in-depth analysis, and the answers will differ depending on many factors. This statement provides my general views on the cryptocurrency and ICO markets[1] and is directed principally to two groups:

Considerations for Main Street Investors

A number of concerns have been raised regarding the cryptocurrency and ICO markets, including that, as they are currently operating, there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation.
Investors should understand that to date no initial coin offerings have been registered with the SEC. The SEC also has not to date approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies.[2] If any person today tells you otherwise, be especially wary.
We have issued investor alerts, bulletins and statements on initial coin offerings and cryptocurrency-related investments, including with respect to the marketing of certain offerings and investments by celebrities and others.[3] Please take a moment to read them. If you choose to invest in these products, please ask questions and demand clear answers. A list of sample questions that may be helpful is attached.
As with any other type of potential investment, if a promoter guarantees returns, if an opportunity sounds too good to be true, or if you are pressured to act quickly, please exercise extreme caution and be aware of the risk that your investment may be lost.
Please also recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. As a result, risks can be amplified, including the risk that market regulators, such as the SEC, may not be able to effectively pursue bad actors or recover funds.
To learn more about these markets and their regulation, please read the “Additional Discussion of Cryptocurrencies, ICOs and Securities Regulation” section below.

Considerations for Market Professionals

I believe that initial coin offerings – whether they represent offerings of securities or not – can be effective ways for entrepreneurs and others to raise funding, including for innovative projects. However, any such activity that involves an offering of securities must be accompanied by the important disclosures, processes and other investor protections that our securities laws require. A change in the structure of a securities offering does not change the fundamental point that when a security is being offered, our securities laws must be followed.[4] Said another way, replacing a traditional corporate interest recorded in a central ledger with an enterprise interest recorded through a blockchain entry on a distributed ledger may change the form of the transaction, but it does not change the substance.
I urge market professionals, including securities lawyers, accountants and consultants, to read closely the investigative report we released earlier this year (the “21(a) Report”)[5] and review our subsequent enforcement actions.[6] In the 21(a) Report, the Commission applied longstanding securities law principles to demonstrate that a particular token constituted an investment contract and therefore was a security under our federal securities laws. Specifically, we concluded that the token offering represented an investment of money in a common enterprise with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.
Following the issuance of the 21(a) Report, certain market professionals have attempted to highlight utility characteristics of their proposed initial coin offerings in an effort to claim that their proposed tokens or coins are not securities. Many of these assertions appear to elevate form over substance. Merely calling a token a “utility” token or structuring it to provide some utility does not prevent the token from being a security. Tokens and offerings that incorporate features and marketing efforts that emphasize the potential for profits based on the entrepreneurial or managerial efforts of others continue to contain the hallmarks of a security under U.S. law. On this and other points where the application of expertise and judgment is expected, I believe that gatekeepers and others, including securities lawyers, accountants and consultants, need to focus on their responsibilities. I urge you to be guided by the principal motivation for our registration, offering process and disclosure requirements: investor protection and, in particular, the protection of our Main Street investors.
I also caution market participants against promoting or touting the offer and sale of coins without first determining whether the securities laws apply to those actions. Selling securities generally requires a license, and experience shows that excessive touting in thinly traded and volatile markets can be an indicator of “scalping,” “pump and dump” and other manipulations and frauds. Similarly, I also caution those who operate systems and platforms that effect or facilitate transactions in these products that they may be operating unregistered exchanges or broker-dealers that are in violation of the Securities Exchange Act of 1934.
On cryptocurrencies, I want to emphasize two points. First, while there are cryptocurrencies that do not appear to be securities, simply calling something a “currency” or a currency-based product does not mean that it is not a security. Before launching a cryptocurrency or a product with its value tied to one or more cryptocurrencies, its promoters must either (1) be able to demonstrate that the currency or product is not a security or (2) comply with applicable registration and other requirements under our securities laws. Second, brokers, dealers and other market participants that allow for payments in cryptocurrencies, allow customers to purchase cryptocurrencies on margin, or otherwise use cryptocurrencies to facilitate securities transactions should exercise particular caution, including ensuring that their cryptocurrency activities are not undermining their anti-money laundering and know-your-customer obligations.[7] As I have stated previously, these market participants should treat payments and other transactions made in cryptocurrency as if cash were being handed from one party to the other.

Additional Discussion of Cryptocurrencies, ICOs and Securities Regulation

Cryptocurrencies. Speaking broadly, cryptocurrencies purport to be items of inherent value (similar, for instance, to cash or gold) that are designed to enable purchases, sales and other financial transactions. They are intended to provide many of the same functions as long-established currencies such as the U.S. dollar, euro or Japanese yen but do not have the backing of a government or other body. Although the design and maintenance of cryptocurrencies differ, proponents of cryptocurrencies highlight various potential benefits and features of them, including (1) the ability to make transfers without an intermediary and without geographic limitation, (2) finality of settlement, (3) lower transaction costs compared to other forms of payment and (4) the ability to publicly verify transactions. Other often-touted features of cryptocurrencies include personal anonymity and the absence of government regulation or oversight. Critics of cryptocurrencies note that these features may facilitate illicit trading and financial transactions, and that some of the purported beneficial features may not prove to be available in practice.
It has been asserted that cryptocurrencies are not securities and that the offer and sale of cryptocurrencies are beyond the SEC’s jurisdiction. Whether that assertion proves correct with respect to any digital asset that is labeled as a cryptocurrency will depend on the characteristics and use of that particular asset. In any event, it is clear that, just as the SEC has a sharp focus on how U.S. dollar, euro and Japanese yen transactions affect our securities markets, we have the same interests and responsibilities with respect to cryptocurrencies. This extends, for example, to securities firms and other market participants that allow payments to be made in cryptocurrencies, set up structures to invest in or hold cryptocurrencies, or extend credit to customers to purchase or hold cryptocurrencies.
Initial Coin Offerings. Coinciding with the substantial growth in cryptocurrencies, companies and individuals increasingly have been using initial coin offerings to raise capital for their businesses and projects. Typically these offerings involve the opportunity for individual investors to exchange currency such as U.S. dollars or cryptocurrencies in return for a digital asset labeled as a coin or token.
These offerings can take many different forms, and the rights and interests a coin is purported to provide the holder can vary widely. A key question for all ICO market participants: “Is the coin or token a security?” As securities law practitioners know well, the answer depends on the facts. For example, a token that represents a participation interest in a book-of-the-month club may not implicate our securities laws, and may well be an efficient way for the club’s operators to fund the future acquisition of books and facilitate the distribution of those books to token holders. In contrast, many token offerings appear to have gone beyond this construct and are more analogous to interests in a yet-to-be-built publishing house with the authors, books and distribution networks all to come. It is especially troubling when the promoters of these offerings emphasize the secondary market trading potential of these tokens. Prospective purchasers are being sold on the potential for tokens to increase in value – with the ability to lock in those increases by reselling the tokens on a secondary market – or to otherwise profit from the tokens based on the efforts of others. These are key hallmarks of a security and a securities offering.
By and large, the structures of initial coin offerings that I have seen promoted involve the offer and sale of securities and directly implicate the securities registration requirements and other investor protection provisions of our federal securities laws. Generally speaking, these laws provide that investors deserve to know what they are investing in and the relevant risks involved.
I have asked the SEC’s Division of Enforcement to continue to police this area vigorously and recommend enforcement actions against those that conduct initial coin offerings in violation of the federal securities laws.

Conclusion

We at the SEC are committed to promoting capital formation. The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. I am confident that developments in fintech will help facilitate capital formation and provide promising investment opportunities for institutional and Main Street investors alike.
I encourage Main Street investors to be open to these opportunities, but to ask good questions, demand clear answers and apply good common sense when doing so. When advising clients, designing products and engaging in transactions, market participants and their advisers should thoughtfully consider our laws, regulations and guidance, as well as our principles-based securities law framework, which has served us well in the face of new developments for more than 80 years. I also encourage market participants and their advisers to engage with the SEC staff to aid in their analysis under the securities laws. Staff providing assistance on these matters remain available at [email protected] .

Sample Questions for Investors Considering a Cryptocurrency or ICO Investment Opportunity[8]

[1] This statement is my own and does not reflect the views of any other Commissioner or the Commission. This statement is not, and should not be taken as, a definitive discussion of applicable law, all the relevant risks with respect to these products, or a statement of my position on any particular product. Additionally, this statement is not a comment on any particular submission, in the form of a proposed rule change or otherwise, pending before the Commission.
[2] The CFTC has designated bitcoin as a commodity. Fraud and manipulation involving bitcoin traded in interstate commerce are appropriately within the purview of the CFTC, as is the regulation of commodity futures tied directly to bitcoin. That said, products linked to the value of underlying digital assets, including bitcoin and other cryptocurrencies, may be structured as securities products subject to registration under the Securities Act of 1933 or the Investment Company Act of 1940.
[3] Statement on Potentially Unlawful Promotion of Initial Coin Offerings and Other Investments by Celebrities and Others (Nov. 1, 2017), available at https://www.sec.gov/news/public-statement/statement-potentially-unlawful-promotion-icos; Investor Alert: Public Companies Making ICO-Related Claims (Aug. 28, 2017), available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_icorelatedclaims; Investor Bulletin: Initial Coin Offerings (July 25, 2017), available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings; Investor Alert: Bitcoin and Other Virtual Currency-Related Investments (May 7, 2014), available at https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-bitcoin-other-virtual-currency; Investor Alert: Ponzi Schemes Using Virtual Currencies (July 23, 2013), available at https://www.sec.gov/investoalerts/ia_virtualcurrencies.pdf.
[4] It is possible to conduct an ICO without triggering the SEC’s registration requirements. For example, just as with a Regulation D exempt offering to raise capital for the manufacturing of a physical product, an initial coin offering that is a security can be structured so that it qualifies for an applicable exemption from the registration requirements.
[5] Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO (July 25, 2017), available at https://www.sec.gov/litigation/investreport/34-81207.pdf.
[6] Press Release, Company Halts ICO After SEC Raises Registration Concerns (Dec. 11, 2017), available at https://www.sec.gov/news/press-release/2017-227; Press Release, SEC Emergency Action Halts ICO Scam (Dec. 4, 2017), available at https://www.sec.gov/news/press-release/2017-219; Press Release, SEC Exposes Two Initial Coin Offerings Purportedly Backed by Real Estate and Diamonds (Sept. 29, 2017), available at https://www.sec.gov/news/press-release/2017-185-0.
[7] I am particularly concerned about market participants who extend to customers credit in U.S. dollars – a relatively stable asset – to enable the purchase of cryptocurrencies, which, in recent experience, have proven to be a more volatile asset.
[8] This is not intended to represent an exhaustive list. Please also see the SEC investor bulletins, alerts and statements referenced in note 3 of this statement.
https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11
submitted by modeless to BitcoinMarkets [link] [comments]

Good news for the Dexes! Joint Statement on Broker-Dealer Custody of Digital Asset Securities

Source: https://www.finra.org/newsroom/2019/joint-statement-broker-dealer-custody-digital-asset-securities

Joint Statement on Broker-Dealer Custody of Digital Asset Securities

WASHINGTON – Market participants have raised questions concerning the application of the federal securities laws and the rules of the Financial Industry Regulatory Authority (“FINRA”) to the potential intermediation—including custody—of digital asset securities1 and transactions. In this statement, the staffs of the Division of Trading and Markets (the “Division”) and FINRA (collectively, the “Staffs”)—drawing upon key principles from their historic approach to broker-dealer regulation and investor protection—have articulated various considerations relevant to many of these questions, particularly under the SEC’s Customer Protection Rule applicable to SEC-registered broker-dealers.2
As a threshold matter, it should be recognized by market participants that the application of the federal securities laws, FINRA rules and other bodies of laws to digital assets, digital asset securities and related innovative technologies raise novel and complex regulatory and compliance questions and challenges. For example, and as discussed in more detail below, the ability of a broker-dealer to comply with aspects of the Customer Protection Rule is greatly facilitated by established laws and practices regarding the loss or theft of a security, that may not be available or effective in the case of certain digital assets.
The Staffs are aware of, and encourage and support, efforts to address these issues such that compliance with the Customer Protection Rule and other federal securities laws and FINRA rules is reasonably practicable. In recent months, the Staffs have been engaged with industry participants regarding how industry participants believe a particular custody solution for digital asset securities would meet the possession or control standards prescribed in the SEC’s Customer Protection Rule. The Staffs have found these discussions to be very informative and appreciate market participants’ ongoing engagement on these issues. The Staffs encourage and support innovation and look forward to continuing our dialogue as market participants work toward developing methodologies for establishing possession or control over customers’ digital asset securities. Contact information for Commission and FINRA staffs is provided at the end of this statement.
Importance of the Customer Protection Rule
Entities seeking to participate in the marketplace for digital asset securities must comply with the relevant securities laws.3 An entity that buys, sells, or otherwise transacts or is involved in effecting transactions in digital asset securities for customers or its own account is subject to the federal securities laws, and may be required to register with the Commission as a broker-dealer and become a member of and comply with the rules of a self-regulatory organization (“SRO”), which in most cases is FINRA. Importantly, if the entity is a broker-dealer, it must comply with broker-dealer financial responsibility rules,4 including, as applicable, custodial requirements under Rule 15c3-3 under the Securities Exchange Act of 1934 (the “Exchange Act”), which is known as the Customer Protection Rule.
The purpose of the Customer Protection Rule is to safeguard customer securities and funds held by a broker-dealer, to prevent investor loss or harm in the event of a broker-dealer’s failure, and to enhance the Commission’s ability to monitor and prevent unsound business practices. Put simply, the Customer Protection Rule requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets, thus increasing the likelihood that customers’ securities and cash can be returned to them in the event of the broker-dealer’s failure. The requirements of the Customer Protection Rule have produced a nearly fifty year track record5 of recovery for investors when their broker-dealers have failed. This record of protecting customer assets held in custody by broker-dealers stands in contrast to recent reports of cybertheft,6 and underscores the need to ensure broker-dealers’ robust protection of customer assets, including digital asset securities.
Various unregistered entities that intend to engage in broker-dealer activities involving digital asset securities are seeking to register with the Commission and have submitted New Membership Applications (“NMAs”) to FINRA. Additionally, various entities that are already registered broker-dealers and FINRA members are seeking to expand their businesses to include digital asset securities services and activities. Under FINRA rules, a firm is prohibited from materially changing its business operations (e.g., engaging in material digital asset securities activities for the first time) without FINRA’s prior approval of a Continuing Membership Application (“CMA”).7
The NMAs and CMAs currently before FINRA are diverse: Some of the NMAs and CMAs cover proposed business models that would not involve the broker-dealer engaging in custody of digital asset securities. On the other hand, some NMAs and CMAs include the custodying of digital asset securities, and therefore implicate the Customer Protection Rule, among other requirements.
Some of these entities have met with the Staffs to discuss how they propose to custody digital asset securities in order to comply with the broker-dealer financial responsibility rules. These discussions have been informative. The specific circumstances where a broker-dealer could custody digital asset securities in a manner that the Staffs believe would comply with the Customer Protection Rule remain under discussion, and the Staffs stand ready to continue to engage with entities pursuing this line of business.
Noncustodial Broker-Dealer Models for Digital Asset Securities
As noted, some entities contemplate engaging in broker-dealer activities involving digital asset securities that would not involve the broker-dealer engaging in custody functions. Generally speaking, noncustodial activities involving digital asset securities do not raise the same level of concern among the Staffs, provided that the relevant securities laws, SRO rules, and other legal and regulatory requirements are followed.8The following are examples of some of the business activities of this type that have been presented or described to the Staffs.
Considerations for Broker-Dealer Custody of Digital Asset Securities
Whether a security is paper or digital, the same fundamental elements of the broker-dealer financial responsibility rules apply. The Staffs acknowledge that market participants wishing to custody digital asset securities may find it challenging to comply with the broker-dealer financial responsibility rules without putting in place significant technological enhancements and solutions unique to digital asset securities. As the market, infrastructure, and law applicable to digital asset securities continue to develop, the Staffs will continue their constructive engagement with market participants and to gather additional information so that they may better respond to developments in the market10while advancing the missions of our respective organizations: for the SEC, to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation; and for FINRA, to provide investor protection and promote market integrity.
The Customer Protection Rule
Overview
A broker-dealer seeking to custody digital asset securities must comply with the Customer Protection Rule. As noted, the rule is designed principally to protect customers of a registered broker-dealer from losses and delays in accessing their securities and cash that can occur if the firm fails. The rule requires the broker-dealer to safeguard customer securities and cash entrusted to the firm, as discussed below. If the broker-dealer fails, customer securities and cash should be readily available to be returned to customers.11 In the event the broker-dealer were to be liquidated under SIPA, the SIPA trustee would be expected to step into the shoes of the broker-dealer and expected to be able to transfer, sell, or otherwise dispose of assets in accordance with SIPA.12
Among its core protections for customers, Rule 15c3-3 requires a broker-dealer to physically hold customers’ fully paid and excess margin securities or maintain them free of lien at a good control location.13 Generally, a broker-dealer may custody customer securities with a third-party custodian (e.g., the Depository Trust Company or a clearing bank),14 and uncertificated securities, such as mutual funds, may be held at the issuer or at the issuer’s transfer agent.15 In either case, there is a third party that controls the transfer of the securities. This traditional securities infrastructure (including, for example, related laws of property and security) also has processes to reverse or cancel mistaken or unauthorized transactions.
Considerations for Digital Asset Securities
There are many significant differences in the mechanics and risks associated with custodying traditional securities and digital asset securities. For instance, the manner in which digital asset securities are issued, held, and transferred may create greater risk that a broker-dealer maintaining custody of them could be victimized by fraud or theft, could lose a “private key” necessary to transfer a client’s digital asset securities, or could transfer a client’s digital asset securities to an unknown or unintended address without meaningful recourse to invalidate fraudulent transactions, recover or replace lost property, or correct errors. Consequently, a broker-dealer must consider how it can, in conformance with Rule 15c3-3, hold in possession or control digital asset securities.
In particular, a broker-dealer may face challenges in determining that it, or its third-party custodian, maintains custody of digital asset securities.16 If, for example, the broker-dealer holds a private key, it may be able to transfer such securities reflected on the blockchain or distributed ledger. However, the fact that a broker-dealer (or its third party custodian) maintains the private key may not be sufficient evidence by itself that the broker-dealer has exclusive control of the digital asset security (e.g., it may not be able to demonstrate that no other party has a copy of the private key and could transfer the digital asset security without the broker-dealer’s consent).17 In addition, the fact that the broker-dealer (or custodian) holds the private key may not be sufficient to allow it to reverse or cancel mistaken or unauthorized transactions. These risks could cause securities customers to suffer losses, with corresponding liabilities for the broker-dealer, imperiling the firm, its customers, and other creditors.
The Books and Records and Financial Reporting Rules
Overview
The broker-dealer recordkeeping and reporting rules18 require a broker-dealer, among other things, to make and keep current ledgers reflecting all assets and liabilities,19 as well as a securities record reflecting each security carried by the broker-dealer for its customers and all differences determined by the count of customer securities in the broker-dealer’s possession or control compared to the result of the count with the broker-dealer’s existing books and records.20 The financial responsibility rules also require that broker-dealers routinely prepare financial statements,21 including various supporting schedules particular to broker-dealers, such as Computation of Net Capital under Rule 15c3-1 and Information Relating to the Possession or Control Requirements under Rule 15c3-3 under the Exchange Act.22
The books, records, and financial reporting requirements are designed to ensure that a broker-dealer makes and maintains certain business records to assist the firm in accounting for its activities. These rules also assist securities regulators in examining for compliance with the federal securities laws and as such are an integral part of the financial responsibility program for broker-dealers.
Considerations for Digital Asset Securities
The nature of distributed ledger technology, as well as the characteristics associated with digital asset securities, may make it difficult for a broker-dealer to evidence the existence of digital asset securities for the purposes of the broker-dealer’s regulatory books, records, and financial statements, including supporting schedules. The broker-dealer’s difficulties in evidencing the existence of these digital asset securities may in turn create challenges for the broker-dealer’s independent auditor seeking to obtain sufficient appropriate audit evidence when testing management’s assertions in the financial statements during the annual broker-dealer audit.23 We understand that some firms are considering the use of distributed ledger technology with features designed to enable firms to meet recordkeeping obligations and facilitate prompt verification of digital asset security positions (e.g., regulatory nodes or permissioned distributed ledger technologies). Broker-dealers should consider how the nature of the technology may impact their ability to comply with the broker-dealer recordkeeping and reporting rules.
Securities Investor Protection Act of 1970
Overview
Generally, a broker-dealer that fails and is unable to return the customer property that it holds would be liquidated in accordance with SIPA. Under SIPA, securities customers have a first priority claim to cash and securities held by the firm for securities customers. Customers also are eligible for up to $500,000 in protection (of which up to $250,000 can be used for cash claims) if the broker-dealer is missing customer assets. These SIPA protections apply to a “security” as defined in SIPA and cash deposited with the broker-dealer for the purpose of purchasing securities.24 They do not apply to other types of assets, including, importantly, assets that are securities under the federal securities laws but are excluded from the definition of “security” under SIPA.25
Considerations for Digital Asset Securities
In the case of a digital asset security that does not meet the definition of “security” under SIPA, and in the event of the failure of a carrying broker-dealer, SIPA protection likely would not apply and holders of those digital asset securities would have only unsecured general creditor claims against the broker-dealer’s estate.26 Further, uncertainty regarding when and whether a broker-dealer holds a digital asset security in its possession or control creates greater risk for customers that their securities will not be able to be returned in the event of a broker-dealer failure.27 The Staffs believe that such potential outcomes are likely to be inconsistent with the expectations of persons who would use a broker-dealer to custody their digital asset securities.
Control Location Applications
As a related matter, the Staffs have received inquiries from broker-dealers, including ATSs, wishing to utilize an issuer or transfer agent as a proposed “control location” for purposes of the possession or control requirements under the Customer Protection Rule. As described to the Staffs, this would involve uncertificated securities where the issuer or a transfer agent maintains a traditional single master security holder list, but also publishes as a courtesy the ownership record using distributed ledger technology. While the issuer or transfer agent may publish the distributed ledger, in these examples, the broker-dealers have asserted that the distributed ledger is not the authoritative record of share ownership. To the extent a broker-dealer contemplates an arrangement of this type, the Division will consider whether the issuer or the transfer agent can be considered a satisfactory control location pursuant to an application under paragraph (c)(7) of Rule 15c3-3.28
As noted, the Staffs encourage and support innovation in the securities markets and look forward to continuing to engage with investors and industry participants as the marketplace for digital asset securities develops. To contact Commission staff for assistance, please visit the Commission’s FinHub webpage or contact Thomas K. McGowan, Associate Director, at (202) 551-5521 or Raymond Lombardo, Assistant Director, at (202) 551-5755. To contact FINRA staff for assistance, please visit FINRA’s FinTech webpage or contact Kosha Dalal, Associate Vice President and Associate General Counsel, FINRA, (202) 728-6903.
1 For the purposes of this statement, the term “digital asset” refers to an asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, so-called “virtual currencies,” “coins,” and “tokens.” A digital asset may or may not meet the definition of a “security” under the federal securities laws. For the purposes of this statement, a digital asset that is a security is referred to as a “digital asset security.”
2 This statement represents staff views of the Division of Trading and Markets and FINRA. This statement is not a rule, regulation, guidance, or statement of the U.S. Securities and Exchange Commission (“SEC” or “Commission”) or FINRA, and the Commission and FINRA’s Board have neither approved nor disapproved its content. This statement does not alter or amend applicable law and has no legal force or effect.
3 For purposes of this statement, the Staffs use the term “entities” to refer to both firms and individuals.
4 The financial responsibility rules include Rule 15c3-1 (the net capital rule), Rule 15c3-3 (the customer protection rule), Rule 17a-3 (the record making rule), Rule 17a-4 (the record retention rule), Rule 17a-5 (the financial reporting rule), and Rule 17a-13 (the quarterly securities count rule) under the Securities Exchange Act of 1934 (“Exchange Act”). This statement does not address all federal securities laws that may be implicated by a broker-dealer seeking to maintain custody of digital asset securities. Further, this statement does not address other securities laws or rules that may apply to digital asset securities.
5 Rule 15c3-3 was adopted by the Commission in 1972. See Broker-Dealers; Maintenance of Certain Basic Reserves, Exchange Act Release No. 9856 (Nov. 10, 1972), 37 Fed. Reg. 25224 (Nov. 29, 1972).
6 For example, one blockchain forensic analysis firm estimated that approximately $1.7 billion worth of bitcoin and other digital assets had been stolen in 2018, of which approximately $950 million resulted from cyberattacks on bitcoin trading platforms. The estimate of total losses in 2018 is 3.6 times higher than the estimate of such losses in 2017. See CipherTrace, Cryptocurrency Anti-Money Laundering Report, 2018 Q4, at 3 (Jan. 2019) (available at: https://ciphertrace.com/crypto-aml-report-2018q4/).
7 Firms can discuss with FINRA whether a contemplated change in business operations such as engaging in digital asset securities activities may require the filing of a CMA through the materiality consultation process.
8 These business models and transactions must comply with other provisions of the securities laws or regulations. The Staffs offer no views about whether such business models would be in compliance with other securities laws or regulations.
9 Entities that perform functions to facilitate the clearance and settlement of transactions in digital asset securities may be required to register as a clearing agency under Section 17A of the Exchange Act. See 15 U.S.C. 78q-1.
10 See, e.g., Statement on Digital Asset Securities Issuance and Trading, Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets, Commission (Nov. 16, 2018) (available at: https://www.sec.gov/news/public-statement/digital-asset-securites-issuuance-and-trading); see also e.g., Engaging on Non-DVP Custodial Practices and Digital Assets, letter issued by staff, Division of Investment Management, Commission, dated Mar. 12, 2019 (available at: https://www.sec.gov/investment/engaging-non-dvp-custodial-practices-and-digital-assets).
11 See Financial Responsibility Rules for Broker-Dealers, Exchange Act Release No. 70072 (July 30, 2013), 78 Fed. Reg. 51824, 51826 (Aug. 21, 2013). In addition, if the broker-dealer is liquidated in a formal proceeding under the Securities Investor Protection Act of 1970 (“SIPA”), the securities and cash held by the broker-dealer for its customers would be isolated and readily identifiable as “customer property” and, consequently, available to be distributed to customers ahead of other creditors. Id.
12 See 15 U.S.C. 78fff-1 (setting forth the powers and duties of a SIPA trustee).
13 See paragraphs (b) and (c) of Rule 15c3-3. An entity’s designation as a good control location is based, in part, on its ability to maintain exclusive control over customer securities. See, e.g., paragraph (c)(5) of Rule 15c3-3 (deeming a “bank” as defined in Section 3(a)(6) of the Exchange Act to be a good control location so long as, among other things, the bank has acknowledged that customer securities “are not subject to any right, charge, security interest, lien or claim of any kind in favor of a bank or any person claiming through the bank” and the securities are in the custody or control of the bank).
14 See paragraphs (c)(1) and (c)(5) of Rule 15c3-3.
15 The Commission often receives applications under paragraph (c)(7) of Rule 15c3-3 to designate an issuer or the transfer agent of various types of uncertificated securities as a control location. The Division has delegated authority to “find and designate as control locations for purposes of Rule 15c3-3(c)(7) [under the Exchange Act] certain broker-dealer accounts which are adequate for the protection of customer securities.” See 17 CFR 200.30-3(a)(10)(i). The Commission has stated that mutual funds in particular may be held at the issuer or the issuer’s transfer agent. See, e.g., Broker-Dealer Reports, Exchange Act Release No. 70073 (July 30, 2013), 78 Fed. Reg. 51910, 51951 (Aug. 21, 2013) (stating that “[g]enerally, mutual funds issue securities only in book-entry form. This means that the ownership of securities is not reflected on a certificate that can be transferred but rather through a journal entry on the books of the issuer maintained by the issuer’s transfer agent. A broker-dealer that holds mutual funds for customers generally holds them in the broker-dealer’s name on the books of the mutual fund”). See also Form Custody for Broker-Dealers, 17 CFR 249.639 (providing broker-dealers with a field to indicate that they custody mutual fund securities with a transfer agent). The Division has also previously issued no-action letters regarding the maintenance of certain other uncertificated securities at the transfer agent. See, e.g., letter to Fantex Brokerage Services, LLC from Mark M. Attar, Senior Special Counsel, Division of Trading and Markets, Commission, dated Dec. 19, 2014 (providing that the staff would not recommend enforcement action if a broker-dealer treats a transfer agent for uncertificated securities as a good control location, under certain circumstances). These prior no-action letters do not address whether blockchain or distributed ledger technology, in connection with the maintenance of the single master security holder list, establishes control of uncertificated securities by the issuer (or transfer agent).
16 See, e.g., paragraph (d) of Rule 15c3-3 (requiring that, not later than the next business day, a broker-dealer, as of the close of the preceding business day, shall determine the quantity of fully paid securities and excess margin securities in its possession or control and the quantity of such securities not in its possession or control).
17 Cf. supra note 13.
18 See generally Rules 17a-3, 17a-4, and 17a-5.
19 See paragraph (a)(2) of Rule 17a-3.
20 See paragraph (a)(5) of Rule 17a-3.
21 See generally Rule 17a-5.
22 See paragraph (d)(2)(ii) of Rule 17a-5.
23 See generally PCAOB Auditing Standard 1105, Audit Evidence (describing sufficient appropriate audit evidence and stating that audit evidence consists of information that supports and corroborates management’s assertions regarding the financial statements and information that contradicts such assertions).
24 The SIPA definition of “security” is different than the federal securities laws definitions. See 15 U.S.C. 78lll(14) (excluding from the SIPA definition of “security” an investment contract or interest that is not the subject of a registration statement with the Commission pursuant to the provisions of the Securities Act of 1933). This means there may be digital assets that are: (1) securities under the federal securities laws and SIPA, and thus are protected by SIPA; (2) securities under the federal securities laws, but not under SIPA, and thus not protected by SIPA; or (3) not securities under the federal securities laws and therefore not protected by SIPA.
25 If a broker-dealer holds securities that are not protected by SIPA, the broker-dealer must nevertheless comply with the physical possession or control requirements under Rule 15c3-3 with respect to those securities.
26 Generally, in a SIPA liquidation, assets not included in customer property (other than customer name securities) are liquidated and paid out to general creditors on a pro rata basis. See 15 U.S.C. 78fff-2(c); 15 U.S.C. 78fff(b).
27 See supra note 16.
28 See paragraph (c)(7) of Rule 15c3-3.
submitted by godsslave to CryptoCurrency [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

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submitted by BitcoinChronicler to btc [link] [comments]

Subreddit Stats: btc top posts from 2016-11-05 to 2016-12-04 23:06 PDT

Period: 29.76 days
Submissions Comments
Total 1000 26468
Rate (per day) 33.61 875.03
Unique Redditors 395 1784
Combined Score 46892 99911

Top Submitters' Top Submissions

  1. 2360 points, 29 submissions: ydtm
    1. u/jessquit to u/nullc "You're so fucking shameless, devoting your career to crippling one of the most disruptive inventions since the Internet to please your investment team. Watching you go down in flames will be one of the great moments in computer science. Your legacy will be a monument of shame" (214 points, 40 comments)
    2. Suggestion for new terminology. Instead of saying "small blocks" vs "big blocks", we could say: "centrally planned blocksize" vs "market-based blocksize". This will make it clear that some solutions are based on markets and economics, and other solutions are based on central planning. (195 points, 64 comments)
    3. Core/Blockstream is living in a fantasy world. In the real world everyone knows (1) our hardware can support 4-8 MB (even with the Great Firewall), and (2) hard forks are cleaner than soft forks. Core/Blockstream refuses to offer either of these things. Other implementations (eg: BU) can offer both. (180 points, 35 comments)
    4. Letting FEES float without letting BLOCKSIZES float is NOT a "market". A market has 2 sides: One side provides a product/service (blockspace), the other side pays fees/money (BTC). An "efficient market" is when players compete and evolve on BOTH sides, approaching an ideal FEE/BLOCKSIZE EQUILIBRIUM. (153 points, 42 comments)
    5. Previously, Greg Maxwell u/nullc (CTO of Blockstream), Adam Back u/adam3us (CEO of Blockstream), and u/theymos (owner of r\bitcoin) all said that bigger blocks would be fine. Now they prefer to risk splitting the community & the network, instead of upgrading to bigger blocks. What happened to them? (149 points, 66 comments)
    6. "Negotiations have failed. BS/Core will never HF - except to fire the miners and create an altcoin. Malleability & quadratic verification time should be fixed - but not via SWSF political/economic trojan horse. CHANGES TO BITCOIN ECONOMICS MUST BE THRU FULL NODE REFERENDUM OF A HF." ~ u/TunaMelt (124 points, 80 comments)
    7. Who owns the world? (1) Barclays, (2) AXA, (3) State Street Bank. (Infographic in German - but you can understand it without knowing much German: "Wem gehört die Welt?" = "Who owns the world?") AXA is the #2 company with the most economic poweconnections in the world. And AXA owns Blockstream. (119 points, 182 comments)
    8. u/Luke-Jr: "The best available here is currently 5Mb down + 512k up DSL." // u/TruthReasonOrLies: "You seem to want to hold back the network development and growth to support those who are the least likely to run full nodes or mining." (114 points, 45 comments)
    9. The Bitcoin community is talking. Why isn't Core/Blockstream listening? "Yes, [SegWit] increases the blocksize but BU wants a literal blocksize increase." ~ u/lurker_derp ... "It's pretty clear that they [BU-ers] want Bitcoin, not a BTC fork, to have a bigger blocksize." ~ u/WellSpentTime (90 points, 41 comments)
    10. Just because something is a "soft fork" doesn't mean it isn't a massive change. SegWit is an alt-coin. It would introduce radical and unpredictable changes in Bitcoin's economic parameters and incentives. Just read this thread. Nobody has any idea how the mainnet will react to SegWit in real life. (88 points, 26 comments)
  2. 2261 points, 29 submissions: blockologist
    1. Gavin Andresen on Twitter: bitcoin is an echo chamber and should be boycotted (371 points, 69 comments)
    2. Gavin Andersen: Eitheor : ignore! (205 points, 41 comments)
    3. Coinbase - Protecting Customer Privacy: "we will oppose the government’s petition in court" (201 points, 28 comments)
    4. LOL u/peoplma predicted the r\Bitcoin front page perfectly nearly a year ago (178 points, 22 comments)
    5. David Jerry on Twitter: Want real evidence of echo chamber censorship on Bitcoin? @gavinandresen posted identical opposite tweets btc has both, bitcoin only 1 (174 points, 45 comments)
    6. Bitcoin Scaling Solution Segwit a “Bait and Switch”, says Roger Ver (120 points, 110 comments)
    7. Holy cow! ViaBTC raised over 90 btc in less than 24hrs for their Bitcoin Unlimited cloud mining program (104 points, 40 comments)
    8. "You don't have to wear a tin-foil hat to see that core has been pushing for some things which change the fundamental economic policies of bitcoin; changes which a substantial portion of the community is against." - u/jratcliff63367 (103 points, 82 comments)
    9. Brian Hoffman on Twitter: The fact that the Bitcoin community argues so vehemently that there is no possible alternative to the Core path shows their shortsightedness (88 points, 6 comments)
    10. Andrew Lee (Purse.io CEO) on Twitter: Multiple compatible implementations will Make Bitcoin Great Again (83 points, 16 comments)
  3. 2176 points, 12 submissions: BeijingBitcoins
    1. With the public spotlight on Reddit censorship, now would be the perfect time to let the rest of Reddit know about the censorship on /bitcoin (625 points, 125 comments)
    2. /btc exclusive: Photos of a bitcoin mining operation in rural China (398 points, 101 comments)
    3. BU lead developer Andrew Stone: A Short Tour of Bitcoin Core (232 points, 144 comments)
    4. "The Community Has Spoken" (166 points, 65 comments)
    5. BashCo explains that if you want to discuss non-Core software on /Bitcoin, you must submit a BIP, get a BIP number, wait for peer review, modify BIP, more peer review, start serious coding, start testing, more peer review... then you may discuss it once it is "deemed safe." (163 points, 133 comments)
    6. "I'm not aware of any problem." -Greg Maxwell (158 points, 64 comments)
    7. Yet another example of censorship in /bitcoin. It is no longer possible to believe that the discussion in that subreddit is in any way honest or representative of community opinion. (123 points, 56 comments)
    8. "Segwit Blockers" is a pejorative term which automatically shifts debate to imply that one side is correct and the other is blocking progress. (120 points, 140 comments)
    9. Another post censored from /bitcoin. I'd like to know which rules were broken or what made my comment unacceptable. (71 points, 26 comments)
    10. spez: "We are taking a more aggressive stance against toxic users and poorly behaving communities." -- I wonder if this will apply to Theymos and /bitcoin? (57 points, 20 comments)
  4. 1861 points, 34 submissions: Egon_1
    1. It would be incredibly unfortunate if organic growth in Bitcoin gets dismissed as spam attacks because of suspicion about people's agendas. (146 points, 33 comments)
    2. Is it just me or is anyone else noticing that some of the Core developers are saying 'Bitcoin's creator' instead of saying Satoshi? (139 points, 67 comments)
    3. "It's not really "segwit blockers", it's more "segwit ignorers". The difference is one of not seeing Core as some Reference Code." (135 points, 32 comments)
    4. "Upcoming AMA with Bitcoin Unlimited devs in Chinese Community 8BTC, Nov 19 at 8-10AM Beijing Time" (127 points, 9 comments)
    5. So discussing block size increase is too controversial for /bitcoin but suggesting algorithm change is not? • /Bitcoin (125 points, 76 comments)
    6. "The Bitcoin Unlimited implementation excludes RBF as BU supports zero-confirmation use-cases inherent to peer-to-peer cash." (119 points, 101 comments)
    7. ... Segwit as a SF tries to make non-segwit txs more expensive relative to segwit txs to 'discourage' their use (100 points, 86 comments)
    8. Sergio."Also @Blockstream hid the fact they had applied for the patent. That's misleading (deceptive?). DPL was necessary to protect reputation(1/2)" (93 points, 42 comments)
    9. "Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted." (88 points, 43 comments)
    10. If you're working on BTC remittances or micropayments under the current regime of increasing fees, you're going to have a bad time. (88 points, 28 comments)
  5. 1791 points, 25 submissions: realistbtc
    1. the systematic censorship policy of r\bitcoin is one of the clearest proof of the technical inferiority of blockstream core prescribed solutions : if they were just better , there would be no need for such policy . (219 points, 74 comments)
    2. Mycelium.com on Twitter - ' We say one thing, we lose half our customers. We say another thing, we lose the other half. Thanks bitcoin censorship that isn't a problem! ' (202 points, 134 comments)
    3. Gavin Andresen on twitter : " Any studies on company success versus amount of posts from C-level execs on Reddit or Twitter?" - " My intuition is 'too much' is bad-- sign of distracted leadership, especially for CTO " (186 points, 70 comments)
    4. just so you know , now nullc is calling jtoomim a scammer : character assassination is a standard operational mode of the guys from blockstream . (129 points, 54 comments)
    5. luke-jr acknowledge that block latency isn't a problem anymore : " block latency has been a big issue in the past as well, but presumably compact/xthin blocks has solved it " - we have to thanks the BU team for that , that in turn pressed blockstream core to finally do something too (116 points, 32 comments)
    6. A glimpse into the mind of greg maxwell : " .... since you're never going to think highly of me again I can continue to whatever I think is right without the burden of explaining myself to a shreaking mass of people. " (wikipedia history , jan 2006 ) (83 points, 67 comments)
    7. after days , segwit signaling is oscillating between 15-25% . that's a far cry from what blockstream core was expecting . if they were ready to label a 10% resistance ' blockers' , now they will have to come to terms with the fact that thir proposal is simply not good enough . (79 points, 33 comments)
    8. slush on Twitter : ' Just ask BU devs to stop blocking Segwit.' - please stop mining at slush and buying trezors - slush has fallen to the blockstream cartel dark side (78 points, 256 comments)
    9. Jihan Wu on Twitter : " BTCC management team killed its no.1 position by raising fees while everyone wanted to trade in 2013Q4. Similar stupid mindset, right? " (78 points, 9 comments)
    10. Jihan Wu on Twitter : " My partner doesn't have pw of my Twitter to del twits, so Samson Joker pls focus on trolling and destroying BTCC, and not pm him any more. " (72 points, 18 comments)
  6. 1375 points, 17 submissions: MemoryDealers
    1. PSA: Even CEOs of major Bitcoin companies are unaware of the suppression of discussion by Theymos and supported by Core supporters. (209 points, 97 comments)
    2. When /bitcoin started the censorship, they prevented honest discussion, split the community, and dramatically slowed down Bitcoin's progress (167 points, 125 comments)
    3. The Bitcoin.com Pool now has over 40 Peta hashes, and 2% of the global hash rate. Some users are reporting being paid as much as 8.5% more bitcoin than other pools. (132 points, 30 comments)
    4. The Bitcoin.com pool has mined over 100 blocks, and nearly 1,500 BTC so far. Looking to come out of closed beta soon. (132 points, 68 comments)
    5. /Bitcoin user caught misrepresenting and lying to attack on chain scaling supporters again (115 points, 97 comments)
    6. As Bitcoin user & enthusiast, I'd be grateful to Core, @Blockstream, and all miners if they would just stick to Satoshi's original plan. Pls RT (92 points, 126 comments)
    7. An interview with Bitcoin Unlimited Developer Andrew Stone (86 points, 24 comments)
    8. Coming very soon: More Cash for your Hash (79 points, 26 comments)
    9. The free On Chain Scaling conference starts today at 17:00 GMT! (78 points, 74 comments)
    10. An example of how a Core supporter intentionally misrepresents the truth to support his position. (71 points, 95 comments)
  7. 1239 points, 46 submissions: chinawat
    1. Why against SegWit and Core? Jiang Zhuo’er, who invested millions in mining, gives his answers. • x-post from /Bitcoin (151 points, 133 comments)
    2. "It is too early to talk about the tx fee market before Bitcoin is accepted across the world." - ViaBTC on Twitter (124 points, 13 comments)
    3. /HailCorporate gets wind of /Bitcoin censorship, theymos attempts to justify and downplay his behavior (92 points, 10 comments)
    4. Here we go again. My mempool is just exceed 33k. Prepare for transaction delay posts. (69 points, 48 comments)
    5. jstolfi is at it with the SEC again (48 points, 125 comments)
    6. New York is Gradually Losing its Shot at Becoming a Global Bitcoin Hub (45 points, 8 comments)
    7. /Bitcoin SegWit narrative shifting -- regulars now claiming signaling and activation was always expected to be slow (43 points, 35 comments)
    8. "There's Chaos Everywhere" - Indians Angry As ATMs Run Dry After Cash Ban (39 points, 11 comments)
    9. ViaBTC's Transaction Accelerator Test Results • x-post from /Bitcoin (39 points, 12 comments)
    10. Wikileaks latest insurance files don't match hashes (x-post from /crypto) (38 points, 1 comment)
  8. 1115 points, 12 submissions: BiggerBlocksPlease
    1. Another successful hard fork by Ethereum occurred today. Protocol upgrades are possible. Don't listen to lies from entrenched interests that say otherwise. (202 points, 78 comments)
    2. I think if it comes down to it, Core would rather remain in control, even if it means introducing a small blocksize increase, as opposed to losing control entirely. We should not lose sight of our larger goals no matter what carrots they throw our way: We need a new, un-corrupt dev team. (177 points, 65 comments)
    3. Bitcoin Core Devs can't just say the price of Bitcoin should be stuck at $100 per coin. The market decides. Just like Core shouldn't say the size of a block is stuck at 1MB. The market should decide! Take centrally planned actors OUT of the equation. This is Bitcoin-- Not the Federal Reserve. (145 points, 39 comments)
    4. Segwit cannot be rolled back because to non-upgraded clients, ANYONE can spend Segwit txn outputs. If Segwit is rolled back, all funds locked in Segwit outputs can be taken by anyone. As more funds gets locked up in segwit outputs, incentive for miners to collude to claim them grows. (120 points, 34 comments)
    5. Miner Jiang Zhou'er: "I can conclude with great confidence: SegWit will never ever be activated. Even in 75% or 51% scenarios it will not be alive. ..some people are destined to be nailed up on the pillar of humiliation." (95 points, 63 comments)
    6. We need more exclusive content for /btc with watermarks stating against censorship in /bitcoin. The new content will be effective in spreading the word! (79 points, 32 comments)
    7. No one (except the market) knows what the price of Bitcoin should be, just like no one (except the market) knows what the size of blocks should be. Bitcoin Unlimited allows a market-decided blocksize. Bitcoin Core allows a centrally planned blocksize. (74 points, 20 comments)
    8. MYTH: "Bitcoin Unlimited isn't meant for mining." -- FACT: ViaBTC has been mining with BU and has the best performance of ALL pools. [see link inside] (71 points, 61 comments)
    9. It is likely a Core-affiliated extremist will attack pools mining Bitcoin Unlimited blocks. I recommend Bitcoin.com Pool goes live ASAP, with over 10% hashrate, so we have multiple pools for redundancy. 10-12% hashrate is not enough in the face of attackers who try to artificially activate Segwit. (64 points, 52 comments)
    10. Theymos: "I know how moderation affects people" ... "This is improved by the simultaneous action on bitcointalk.org, bitcoin.it and bitcoin.org" (2015) (59 points, 43 comments)
  9. 1111 points, 52 submissions: knight222
    1. ViaBTC: "I think the most important thing is BU has the support of Bitmain and F2pool, they have said privately they will switch to BU, I am very much looking forward to the arrival of that day." (86 points, 68 comments)
    2. /BTC Enthusiasts Want The /Bitcoin Moderators Gone Once And For All (77 points, 9 comments)
    3. Total Bitcoin Transaction Volume Surpassed US$100bn in September (53 points, 17 comments)
    4. Fedora Receives Its Own Electrum Bitcoin Wallet Client (50 points, 4 comments)
    5. IRS Demands Records of 4.8 Million Bitcoin Users over 3 Alleged Tax Dodgers (43 points, 4 comments)
    6. Several Mycelium Users Report Unusually High Bitcoin Transaction Fees (40 points, 38 comments)
    7. Overstock Reveals Latest Effort Within the Bitcoin Space (40 points, 2 comments)
    8. EY Switzerland, World Top Four Accounting Firm, to Accept Bitcoin (40 points, 2 comments)
    9. Chinese dominance in the blockchain space now includes startup investments (36 points, 0 comments)
    10. Will Bitcoin Become the new "Swiss Bank Account"? (31 points, 10 comments)
  10. 939 points, 5 submissions: JohnBlocke
    1. John Blocke: A (brief and incomplete) history of censorship in /Bitcoin (461 points, 251 comments)
    2. Peter Todd in 2013: "If I were the US Government and had co-opted the "core" Bitcoin dev team, you know what I'd do?..." (158 points, 85 comments)
    3. UPDATE: Coindesk & Bitcoin Magazine still have not mentioned the $1.2 million donated by members of the Bitcoin industry to fund protocol development. What is their agenda? (118 points, 23 comments)
    4. John Blocke: Echo Chambers (116 points, 53 comments)
    5. Bitcoin companies pledge to donate $1.2M USD to protocol development, and not a peep from the bitcoin media? (86 points, 21 comments)

Top Commenters

  1. Noosterdam (3181 points, 564 comments)
  2. H0dlr (2189 points, 354 comments)
  3. ViaBTC (1994 points, 65 comments)
  4. seweso (1887 points, 377 comments)
  5. todu (1883 points, 365 comments)
  6. Helvetian616 (1662 points, 265 comments)
  7. Ant-n (1554 points, 453 comments)
  8. dskloet (1521 points, 230 comments)
  9. MemoryDealers (1500 points, 104 comments)
  10. Egon_1 (1475 points, 134 comments)

Top Submissions

  1. With the public spotlight on Reddit censorship, now would be the perfect time to let the rest of Reddit know about the censorship on /bitcoin by BeijingBitcoins (625 points, 125 comments)
  2. John Blocke: A (brief and incomplete) history of censorship in /Bitcoin by JohnBlocke (461 points, 251 comments)
  3. /btc exclusive: Photos of a bitcoin mining operation in rural China by BeijingBitcoins (398 points, 101 comments)
  4. Gavin Andresen on Twitter: "I'm happy to see Bitcoin Unlimited gaining popularity, and hope their decentralized market-based approach gets adopted." by sandakersmann (376 points, 184 comments)
  5. Gavin Andresen on Twitter: bitcoin is an echo chamber and should be boycotted by blockologist (371 points, 69 comments)
  6. I'm Haipo Yang, founder and CEO of ViaBTC, Ask Me Anything! by ViaBTC (337 points, 858 comments)
  7. Bitcoin Classic is Back! by ThomasZander (279 points, 92 comments)
  8. Problem? No problems here. by mohrt (246 points, 105 comments)
  9. nullc is actively trying to delete Satoshi from history. First he assigned all satoshi commits on github to himself, then he wanted to get rid of the whitepaper as it is and now notice how he never says "Satoshi", he says "Bitcoin's Creator". by blockstreamcoin (243 points, 243 comments)
  10. Censorship test from Gavin: post two positive things one about BU and another about SW, and see what happens by chakrop (240 points, 69 comments)

Top Comments

  1. 206 points: ViaBTC's comment in I'm Haipo Yang, founder and CEO of ViaBTC, Ask Me Anything!
  2. 118 points: solex1's comment in Gavin Andresen on Twitter: "I'm happy to see Bitcoin Unlimited gaining popularity, and hope their decentralized market-based approach gets adopted."
  3. 110 points: viners's comment in "It cannot be permitted to work." nullc
  4. 97 points: jstolfi's comment in Is LN vaporware and if not why do posters keep saying it is? (x-post from bitcoin)
  5. 95 points: satoshis_sockpuppet's comment in I'm Haipo Yang, founder and CEO of ViaBTC, Ask Me Anything!
  6. 91 points: dskloet's comment in Cannot wait for Core trolls who don't understand queue theory to lose it. Grab your popcorn as we finally approach 100% utilization and an ever increasing backlog.
  7. 90 points: BitcoinXio's comment in I love Bitcoin
  8. 86 points: ViaBTC's comment in I'm Haipo Yang, founder and CEO of ViaBTC, Ask Me Anything!
  9. 85 points: ViaBTC's comment in I'm Haipo Yang, founder and CEO of ViaBTC, Ask Me Anything!
  10. 82 points: Noosterdam's comment in John Blocke: A (brief and incomplete) history of censorship in /Bitcoin
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