Bitcoin Blog a1

Sunday, June 24, 2018

Mid-June Round up


Sometimes I start an article, but never finish it. Here are some of those articles!


It looks like John McAfee will really debate Jamie Dimon! That is crazy! And I mentioned this is what should happen in a reddit post.





I also recently watched a documentary on Netflix about John McAfee. I recommend watching it, it's called Gringo: The Dangerous Life of John McAfee. This is just one source of information, but it looks like John has a bit of a shady past. I mean, I had heard about some of this past, but watching the documentary makes it more clear. I don’t know what I will do if he gets the LP party nomination for 2020, but that is a story for my other blog.



Anyways, here are some links I have been looking at lately. Lots of interesting Crypto news and I can’t cover it all.

Somewhat recent links

Robert Shiller has been getting a lot of press attention regarding bitcoin. He actually has a pretty great finance course on COursera,








“Mining rigs”



Earning money


Paying taxes on what you have earned?



Big 4 accounting and Crypto auditing





Thursday, June 7, 2018

Iconsumer


So I have a few shares I received for free from this company called Iconsumer. They are one of those cashback companies. You buy stuff online and they give you a small amount of cash back. One of the methods they pay you is via bitcoin, which is why this post is on this blog. They recently released financial statements and of course, as an accountant I had to look over these.The statements are quite telling. Let's look at Gross profit:



So the company gives out more money that it makes from its commissions. This seems like a really good product to use. This simply is not a sustainable business model, and I think the idea is to attract users and then lower the payback rate once they have more users. But that means the time to use this service is now when you will get the most of it! Check it out here!



Friday, June 1, 2018

FUD


My posts are running a little bit late these days. Ok a lot late. It’s a little less impressive to post price predictions after than have already happened. Still, here it is and perhaps the trend hasn’t ended yet.

People in the bitcoin community like the acronym FUD, which stands for fear, uncertainty and doubt. Lots of people have doubts about bitcoin, particularly outside of the cryptocurrency community. So, the community often gets tired of the same points that are brought up by outsiders, that bitcoin doesn’t have intrinsic value (which is true, but fiat doesn’t either), that it’s a ponzi scheme (which isn’t true, but many scammers use btc to facilitate their scams), and others.

But I recently read an email this week that makes a compelling argument for a price decrease. Harry Dent the Founder of Dent Research, uses the following chart, showing some of the largest bubbles in history.

So it’s possible BTC may lose some value. In the short time after this email, btc has actually gone up. But by the time I actually publish, I expect a totally different story.

Here is another except from his email: “ But I don’t think this crash is done. I expect we’ll see bitcoin ultimately lose well over 90% of its value before rallying again longer term.

Then it’ll be the buy of the century just like the internet stocks were in late 2002 after a similar, dramatic 16-month bubble and then a 93% crash.”

Here is another chart shared on reddit recently


So maybe it is a good time to sell. Unfortunately, it looks like you can no longer buy Amazon gift cards with bitcoin anymore! The sites I used in the past like Egifter no longer sell Amazon gift cards for btc, or even for USD. So this is unfortunate. Perhaps I will have to use EBay instead (which if you haven’t used since the early 2000s, still has a lot of good things on it, particularly cables). Either way, I will have to figure something out, and I’ll post an update.


Wednesday, May 30, 2018

4/20 blaze it, oh dear ( Potcoin faucet down on an unfortunate date)


I wrote this post on 4/20. I’m a little behind on my posting schedule

I have been looking at another crypto recently, potcoin! What a great day to talk about this. But it looks like my Bitcoin faucet is no longer operating. This is the sad part about most/many altcoin faucets, they don’t pay much and they tend to shutdown often.


At least my main faucets are still working.


Here is some other recent news about me/crypto sites.


Has shut down!



Btc pop lowered finally lowered their saving rate to 0% so I withdrew all my money from btcpop

Well, I kept a few shares of pop on there.

It looks like I even had some BTG and BCH on there as well!

Most exchanges don’t have BTG, so I have Bleutrade for that, check it out here.




Wednesday, April 18, 2018

Polo to be Acquired


I’m pretty late to the party, but it looks like Poloniex is to be acquired by Circle. This is a little interesting because Circle has some pretty mainstream investors like Goldman Sachs. Here are two articles on it.

I also changed ad networks in the somewhat recent past. So far, it's my favorite so far. And the best part is they pay in bitcoin! They credit you increments of 5 satoshi which is super nice, as other sites often pay in increments of 1 cent and round down which, at less than a $1 per cpm and a fill rate at less than 100%, means you can get decent daily views but still not get credited anything. So A-AD is a better network if you are still small time in your daily view count. Check it out here.

Also I haven’t all that much reporting on ICOs, or the specifics of some of them. For more details on the technical aspects of ICOs check this article out at 99bitcoin.


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Sunday, April 15, 2018

More Hash


I recently ran into some mining services online. While looking at them, I noticed something. Look at these two sites for example:



See how similar they look?

They almost look cookie cutter to each other. Like similar templates with just slightly different images. Also note how they work exactly the same. You get a bunch of free hash rate, but you can’t withdraw it. Additionally, you can recruit referrals, but you don’t get credit for free referrals, only paid. The key terms are all exactly the same.


My guess is eventually these will dry up. They can’t mine like this indefinitely.


Look at these returns. They are simply too high, and that amount of money can’t buy that much hash power.



Look at this miner for 2.5k. It has 13 TH/s or 13,000 GH/s. At about 10k a btc .5 btc is about 5k, or two antminer S9’s. Or 26,000 GH/s, which is significantly less than 350,000 GH/s. It is nowhere close really. This cannot be a real mining operation. These pop up mining operations are another classic example of a ponzi scheme. They have to recruit new users to pay off the old. And went it is no longer profitable, they will shut down the site, just like hashocean, hashprofit, and countless others.

In short, be careful what you are getting into! If it seems too good to be true, it probably is!




Sunday, April 8, 2018

Some updates


So, my editor has been on the fritz lately, so there is an upcoming wave of content coming out soon...stay posted. The blog also is currently at 48,000 pageviews, and it looks like it will hit 50,000 in the near future!

In other news, the blog has been getting a lot of attention/comments from Anonymous readers. The comments are often pretty vague and I’m not sure what to make of them. If you have any insights, comment below! I’m really wondering why I’m getting all this attention.

Links
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I also ran into an interesting piece about CPU mining on a raspberry pi. This process is similar in a lot of ways to the single board mining post I did earlier.

For a very small update, it looks like someone was threatening to create a NyanCash, like the Bitcoin Cash equivalent for Nyancoin. I’m not sure how serious they are, as it would be a lot of work and possibly not that much reward. Here is the post threatening it. One thing I enjoy about this whole situation is that the moderation team at /r/Nyancoins let the post remain. In /r/bitcoin and /r/btc it seems like there is some big censorship problems. I like to let issues be debated openly and I think censorship doesn’t let truth be explored. But now it sounds like I’m writing for my politics blog, doesn’t it?


Anyways, as always


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