Bitcoin Blog a1

Sunday, July 24, 2016

"sendo litoshi to bitcoin account"

Using some of my blog analytics I noticed someone found my blog using the phrase “sendo litoshi to bitcoin account”. I was quite baffled by this. What does sendo even mean ( By the way, litoshi is like a satoshi, but for bitcoin, in other words, its 0.00000001 of a litecoin)? So I decided to google it and attempt to find my blog. I didn’t find it, instead I found another blog on blogspot. So I clicked on that, perhaps creating or perpetuating some kind of cycle.

The blog is kind of similar to my own, except it's in Portuguese and it reads like one massive post.

Anyways, for a quick plug, I have updated my faucets page and support me page! Check them out, they have some nice ways to help me make money and ways for you to make some money as well.

Friday, July 15, 2016

Months late and a few dollars short.

You might think blogging about cryptocurrency is all fun and games. Well, that's not always the case. I have lost some money in the past, but I may have lost some more again.

One of my loans on btcpop may default.  It is now quite a few days late. I had one loan that was about 3 or 4 days late, but this one is now 5 days late and the borrower hasn’t been heard from in a few days. Fortunately, I never lend much money out to one person at one time. I diversify my loans over time and over people. This way, if one person defaults, which may be the case, it's not the end of the world. I have other loans that will probably be repaid and I will come out ok. I also diversify over time, I don't make many loans at once. This way, if the P2P bitcoin loans industry hits a problem, I don't lose all my money either.

In addition to being a few bucks short, I am behind the times on my cryptocurrency news. Ethereum is apparently the number two coin in terms of market cap ($ 971,423,765 as of the time of this article). I heard about it quite a while ago, but I didn’t think that it would really grow into what it became. I was wrong. It did become something big, and now I will probably have to report on it. Ethereum is quite different from bitcoin in a few ways. One, it is not merely a digital currency. Ethereum is primarily like a digital computer; it enables people to create contracts that execute code under certain conditions. Ethereum also differs technically from bitcoin. In addition, Ethereum had a substantial premine.

More information is available here. This is a bitcoin site I recently started to follow.

Monday, July 4, 2016

Not that kind of hash

A few weeks ago I saw an ad on for another ponzi scheme/ bitcoin multiplier, this one was called cryptotriplex. I wondered to myself, does anyone fall for these still? So I clicked it.

And that is what I saw. It looks like they ran off with everyone money.

This isn't uncommon. It also happened recently with a website called hash ocean. Immediately after reading the name, I thought of hash profit and thought it must be a similar scam. I was interested enough to study it for a bit. I attempted to go to the site but the website didn't load; it was offline. It looks like essentially the same scam happened again, just with a slightly different name. I thought it was interesting that the site did advertise an actual physical location in San Francisco. However now that I think about it, San Francisco isn't an ideal place for a bitcoin mine.  Everything is way to expensive particularly space. It is funny, I visited the city just a day before reading about this, maybe I could have gone to the abandoned location if I knew.  Anyways, I would say don't trust any cloud miners without a lot of due diligence, and may not even then. But I would especially avoid anything with hash in the name. Based on the smells in San Fran, there is a lot of it there. And it almost goes without saying, stay away from money multipliers.