Bitcoin Blog a1

Sunday, February 11, 2018

ICOs are dumb.

For a little context, an ICO is an initial coin offering. In essence, it is selling equity or ownership in a company. It is similar to an IPO, initial public offering, but with some major differences. There is mountains of paperwork and regulation that goes into an IPO. Some firms specialize in working with companies seeking to go public and help them meet the requirement ( I even worked at one of these). Some of the minimal requirements is audited financials, finding an underwriter ( like Goldman Sachs, JP Morgan, Morgan Stanley, etc) , registration with the SEC and many others.

I mean, in some ways undercutting underwriters is cool, but at the same time, underwriters and other parties in the IPO process have an important role. In my opinion, the auditors play a huge role. Now, as an auditor, I’m probably a little biased. But with an ICO there is no guarantee what you are getting into. There are not required financial statements, let alone audited ones, as anyone can offer an ICO. In addition, there is not assurance the ICO is even in compliance with the law.

When auditors give an opinion on an IPO, it is a huge deal. Normally a party needs to be privy to sue. But in the case of an IPO if there is a material misstatement, anyone who experienced a loss can sue.

ICO also have be totally ridiculous. This has to be the craziest one I have ever seen. Literally they are advertising flying cars.

Speaking of which, here is a referral link to an ICO

In the past, I haven’t had much benefit from this, I tried signing up at Wcex.

But as far as I can tell, it didn’t work. The website doesn’t remember the account I made with them.

And don't forget. There with btc price dropping, now is the time to get involved!

Sunday, January 21, 2018

James Alt(coin)ucher

This James Altucher has been advertising a lot lately, and if you follow this blog you probably have seen some of his ads.

He kind of looks like a crazier Malcolm Gladwell.

Anyways, it looks like he has gotten some mixed press on Yahoo, you can look at it here. But it's kind of easy to imagine a simple scam here. One, you establish yourself as a crypto expert. Two, you buy some altcoin. Three, you promote the altcoin. And four, you sell at inflated prices.

And that is how you  make big returns with low risk. Be Altucher. You can also see his Master class here.

Also if you have time, look here, some interesting news on Bitcoin’s price changes.

Well that's all I have time for now. More news always incoming. Lookout for my upcoming post on Nyan.

And If you are ready to get serious about bitcoin, take the plunge. Here is my book on amazon

Saturday, January 6, 2018

Honey and Money

And here is a new site I tried this week. It's called honey.

Honestly, it looks like a ponzi scheme. It advertises rates that are simply impossible to achieve over the long run. Anything that requires upfront bitcoin payment for an annuity is probably a scam.  There are many, many scams that look like this. Hash Ocean and Hash Profit are both examples that I reported on.  I am also leary of other sites like BCC or bitclubnetwork.

A few telltale signs of a Ponzi scheme is that the way they make money is either unclear, or very complicated. For example, Hash Profit claimed to have a fancy system of mining that picked the most profitable coins, but for some reason, they only did limited mining on weekends, which was strange. There also was no evidence they actually did any mining at all, which is a dangerous sign. Lastly, look at the rate of return, a 4% daily rate means that in one year, $1 turns into to over 1.5 million…  Which is simply not sustainable.  Even a Ponzi scheme likely will have payment proof; the scheme works for a few people, who tell more people, each group paying off the last. As long as more people come, it will work. But as soon as there is a slowdown, everything collapses, sites shut down, and people lose everything.

To contrast this, let's look at something that seems to not be a ponzi scheme, coinbase. Coinbase allows you to buy bitcoin with fiat, or visa versa. I personally don’t use the service, as it requires quite a bit of personal information . Regardless, they have a clear business strategy. They make money on the bitcoin spread, they sell bitcoin at one price, a higher price, and buy it at a lower price. So every time a trade is made, they make money.
In short, check out Honey if you want, but it doesn’t have all that much to do to earn Bitcoin so maybe give this one a pass. Make sure to check out my faucets for some better sources of crypto. 

Saturday, December 30, 2017

The rise of the altcoins

As many of you are aware, bitcoin price has been going pretty crazy lately ( meaning going up to 20,000 before dropping a bit in the past few days). What some of you may not have heard, is that a few alt coins also are going crazy in price too. ETH, LTC are some of the big winners this past week. This seems to be a trend in cryptocurrency. bitcoin is essentially mainstream at this point, or at least people in the mainstream talk about it quite a bit, so it's a starting place for people entering the crypto world. But as people research more, they perhaps realize that other Crypto currencies are actually better from a technical standpoint. And perhaps that is why altcoins seems to lag in price compared to bitcoin.

In other news, I am working on trying some more altcoins. I have downloaded a monero wallet, and will be posting more on that later.

Saturday, December 9, 2017

Sponsored post on Paxful

I have a sponsored post today from Itumeleng Senekane, her bio is at the bottom, enjoy!

Investing in bitcoins is currently a very good idea. Bitcoins can be sent to any location on earth from anywhere in the world. Bitcoin payments cannot be blocked by banks and they make cross border payments easy, this has become the best way you can overcome failed Government monetary policies. If you are in a nation like Zimbabwe for example, investing in bitcoins and using it as a currency is probably the best thing you can do. 

Bitcoins are open to everyone and anyone can invest however do your own homework learn all you need to know about cryptocurrencies and invest. Bitcoin is currently the most profitable cryptocurrency to invest in and this is because it is the first decentralized digital currency. Some advice before you start though:

1. Never invest more that you can afford to loose. Bitcoins are a risky investment, high returns always come with high risk.

2. Move bitcoins to your personal wallet after buying them. You can buy bitcoins from Paxful. Paxful allows you to buy bitcoins with over 300 different payment options. Its easy and safe and allows you to start with smaller amounts. This platform is a peer to peer marketplace that connects buyers to sellers. After you have bought your bitcoins you can move them to a wallet like CoinBase or any other wallet of your choice. Chill relax an watch your investment grow!!

NOTE: Ensure you buy bitcoins from exchanges with a proven record like the ones suggested above. Average the price over the whole year by buying bitcoins by a fixed amount regularly.

Itumeleng Senekane is a mosotho woman that currently lives in South Africa. She is a freelancer/business woman/bitcoin entrepreneur. She has never allowed her location and background to determine how far she gets in live. She is always pushing boundaries and currently making a fortune out of bitcoins.

Monday, November 20, 2017

Tethers Mircopost

I don't have time for a big post right now, but I saw a great post on twitter. There is a lot of  talk about what is driving the price of bitcoin so high. I don't have an answer for you, but some people do. Some people are saying its people buying bitcoin with USDT. USDT for reference is a cryptocurrency that is tethered to the the US dollar. So one USDT is one dollar. You can read up on this later. Some people think that using this tethered currency is artificially inflating the price of bitcoin. So  this post may be the perfect response.

Sunday, November 12, 2017