Bitcoin Blog a1

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

Saturday, November 4, 2017

New Wallet

Well apparently multibit has ended support for their wallet and I had no idea.  So now I need to get my coins over to a new wallet. I’ll be using Electrum for this. It's good so far. I wish it had the total value of your bitcoin displayed in USD, but that's ok.  

It seems I’m a little behind the times on quite a few things. Here are some things that I meant to report on, but time got the better of me.

I got a scam email considering bitcoin

The email refers to me as bob the miner, so it must have been one of the mining pools I used in the past that was hacked or something.

I submitted my claim on a class action suit against Cryptsy, you know, that exchange I lost my btc on. Looking at the balance I lost is now worth 21 bucks (I’m pretty sures it's like 60 now)! It was just 4 bucks when I sent it. Wow. Let's see if anything comes of it.

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

Tuesday, October 17, 2017

Bitcoin Car Talk 12: John McAfee

This video's quality is a little bit questionable. Maybe alot actually. Also, there is profanity, so you are warned. John enters the video a little after 1:20.