Bitcoin Blog a1

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.

Sunday, October 15, 2017

More Forks

It seems bitcoin might have more forks up coming in the future, likely due to the success of the last hard fork, BCH. Despite my concerns that forks might cause confusion in the market and lower the price of bitcoin, it seems the opposite is true. Last time and this time, the price of bitcoin has raised prior to a fork. This new environment has made everyone have to take a stance on forks, like here is the policy for hard forks at my favorite faucet (why not sign up right now)


Bitcoin has 2 hard forks planned in the near future - "Bitcoin Gold" and "Bitcoin Segwit 2x". As we have done with the "Bitcoin Cash" hard fork in the past, we shall support withdrawals of all hard fork coins as long as they are viable - ie. have wallet support, a working blockchain and straightforward redemption policies. The "Bitcoin Gold" hard fork currently does not seem to be a viable fork - since they have not given any information about the fork on their website ( and have no supported wallets yet. If there are no wallets that support it, we shall not be able to make "Bitcoin Gold" available for withdrawals. If however, there is wallet support for "Bitcoin Gold" before the hard fork date and the block number for the fork is announced in advance, we shall make it available for withdrawal.
We shall be supporting the "Bitcoin Segwit 2x" fork since it already has a working wallet and has announced the block number when the hard fork will happen. If a majority of miners switch to "Bitcoin Segwit 2x" and it has the chain with the most Proof-of-Work, we shall make it our primary coin and "Bitcoin Core" coins will be made available for withdrawal to your own wallets, otherwise "Bitcoin Core" shall remain our primary coin and "Bitcoin Segwit 2x" coins will be made available for withdrawal to your own wallets. In either case, users will receive coins in both the majority and minority chain equivalent to the balance that they had on the website prior to the hard fork.
We shall be pausing deposits and withdrawals temporarily before the "Bitcoin Segwit 2x" hard fork until a clear winner has emerged. Everything else on the website will function as usual. The fork is scheduled to happen at around the middle of November. We shall give advance notice of when deposits and withdrawals will be paused before the fork date.

It seems like a very accepting policy. Prior to the last bitcoin fork, many companies stated they would not honor the new fork. However, it seems most of the ones I dealt with did in fact give out BCH, although many did not have a continued use for it.

It has just come to my attention that ETH may have a fork tomorrow! Here is an article on it.

Also, don’t forget to follow btc+ on facebook.

Wednesday, October 11, 2017

Chance to win a hardware wallet

Here is an interesting offer with a chance to win a hardware wallet. Check it out.

Mike has a very good point that leaving crypto on an exchange is a bad idea. I don’t think buying a hardware wallet is 100% necessary, you can easily mitigate this using a desktop wallet.

In other news, I recently got a spam message on Reddit. Here is a post about it. I’m not sure what the spammer gets of this except perhaps some email addresses.

Saturday, September 30, 2017

Old news on BTC-e

Looks like once again, I have some old news I never published. So check it out now, months later!

BTC-e has been raided.

Well it looks like another bitcoin exchange is shutting down. This is different though, because it is for money laundering. There are lots of allegations going around. Some people are saying stolen funds from Mt. Gox ended up there. Others say 80% of Bitcoin ransom (payments to Ransomware) go through BTC-e. Well the U.S. government figured enough is enough and has shut the exchange down. The exchange has promised everyone that they will be paid.

This has perhaps put some people on edge, as they are worried another exchange will shut down. Many people openly worry about polo, which was offline a few hours earlier this week.

However, perhaps this worry is unwarranted. At least there is a reason it might be less than it was a few days ago. With the BCC split, many users took their crypto off of exchanges. This, in a way, audited these exchanges to see if they really have enough crypto to cover an increase in demand, and it seems like they passed. So perhaps things are a tiny bit safer than before.

Here you can even see the still seized website. Also here is another update by coindesk.

Don’t forget to check out my faucets for my favorite faucets! Get some of your own bitcoin and other coins!

Wednesday, September 13, 2017

Shine Bright like a Dimon (or not)

Like normal, traditional finance people discredit Bitcoin, this week Jamie Dimon did as well.

Jamie Dimon is the CEO of JP Morgan. Dimon was also the CEO prior to the great recession/ financial crisis of 2008/2009.  Here is the article.

One quote from the article is a little perplexing:

The bank chief said he wouldn’t short bitcoin because there’s no telling how high it will go before it collapses. The best argument he’s heard, he said, is that it can be useful to people in places with no other options -- so long as the supply of coins doesn’t surge. [emphasis added]”

It seems Dimon misunderstands a very fundamental aspect of Bitcoin, the supply of coins is totally predictable. How Bitcoin comes into existence is literally written down and, in essence, set in stone. So attaching uncertainty to the supply of Bitcoin is pointless.

That being said, I think Dimon’s comparison to tulip bulbs does have some merit.  Bitcoin prices have risen dramatically, and it's hard to really justify it. Sure, some speculators say it will keep going up and up.  John McAfee, yes that McAfee, said some slightly crass things about it.

Then again, Dimon did say, “If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that [how about Belize?], or if you were a drug dealer, a murderer, stuff like that [how about a drug kingpin?], you are better off doing it in bitcoin than U.S. dollars.”

Don’t get me wrong, I actually like John McAfee. I watch him debate in the libertarian debates last election cycle.

Lastly, it looks like some redditors want a debate with Dimon. We probably won’t respond. But McAfee would be an ideal opponent.

Monday, September 11, 2017

Ethereum and Eternium

This is a post I meant to publish a while ago about Ethereum. On a slightly related note, I was browsing the play store recently and saw an app that I thought was called Ethereum. I assumed it was an Ethereum wallet and since I’m studying Ethereum, I thought it would be a good idea to check it out. Well, the app was actually called Eternium, and it is actually a Diablo 2 style game. It is pretty decent. Anyways, here is my post of Ethereum.

New cryptos are a dime a dozen and a new currency generally isn’t particularly noteworthy. But sometimes a new currency gets so much attention it warrants my attention. And ETH is now one of those currencies. ETH is most noteworthy due to contracts. Contracts can be set up and executed when particular conditions are met. So a deal between two individuals can be enforced using the ETH blockchain.

In recent news, the price of ETH has raised dramatically. In addition, there is a lot of GPU miners of ETH. This demand seems to be so high, that many AMD graphics cards are out of stock. At this time, AMD cards are preferable for this kind of mining (note, this isn’t a SHA 256 encryption like bitcoin, which is best done with a ASIC).

Another thing to be aware of is that ETH is not the same as ETC. ETC is branded as Ethereum Classic. It is a hardfork from ETH (or ETH is a hardfork form ETC perhaps is a better way to say it). To explain a bit, a hardfork is essentially a point where two currencies are formed out of one. One coin follows a new, different protocol from the other. Up to this point, the blockchains are the same for the two coins, but after a hard fork, this is no longer the case. To my understanding, a hacker stole 50 million worth of ETH. The devs were able to stop this, the money was under restriction for 28 days, by altering the coins code. Some 90% of nodes supported the change. Those that didn’t became ETC. There also seems to be some distrust for ETC. Then again, people using ETC seem to distrust ETH. The point is, be aware of what you are getting into, if you want to get into ETC, just know it's not ETH.

Over the next few weeks I will try to investigate ETH more and show how to get started with it.

Tuesday, August 29, 2017

BCH and taxes, and possible Fraud

There are rumors going around that the recent Bitcoin fork, the creation of Bitcoin Cash (BCH), could be treated by the IRS as a taxable event. Here is an article on the topic. I only have one minor gripe with the article, where it says, "Bitcoin cash recipients could owe tax this year at rates as high as 39.6%". This quote is potentially slightly misleading. To mean it implies that there is something special about BCH that would cause it to be taxed at this rate, however, this is just the highest rate that ordinary income can be taxed at. There is nothing special about it.

So there is no guarantee BCH will be taxed. But it is interesting to think, what would be a tax payer's basis in BCH if its acquisition is not a taxable event? Perhaps part of their basis in BTC could be transferred?  Who knows, this is all unprecedented.

In other news, some people are predicted downward movements in Bitcoin's price. Here is one opinion on the subject.

Wednesday, August 23, 2017

Earthcoin Mining Characteristics and Analysis

Recently there has been more interest than usual on r/earthcoin. I mentioned on the subreddit that earthcoin has some interesting mining characteristics. Many coins, like bitcoin, offer a set reward for solving a block. For instance, miners would originally get 25 bitcoin per block  (excluding any transaction fee rewards). Earthcoin works differently - it matters when the block is mined.

This is best explained from this excerpt from github:

Besides its very fast transaction speed, Earthcoin is unique in the way it is mimcs the seasonal cycles of Earth. The mining rewards system of EarthCoin follows the same type of 365 day cycle as we do in our daily life similar to the earth moving around the sun. And like the equator is moving, so is the amount of coins being released to the miners. For example: in the 1st year of its release, the coins released to the miners were 10,000 per day starting to work to a positive deviation of 2,000 extra coins after 3 months, then falling back to its original 10,000 coins after 6 months to end up with a -2,000 deviation after 9 months. At the end of the year the amount would then return to 10,000.

14 days

In addition to following the equator, EarthCoin also introduced the full moon cycle. This cycle is translated to a double release of coins to all the miners mining for EarthCoins. This is also know as a X2 payout.

31 Days

Earthcoin also incorporated the other well known moon cycle called month. But in this scenario, the amount of released coins is a five fold of normal. This is also known as a X5 payout.
The occurances of these events can be tracked here:

Let's look at the effects of this in more detail. Some people complained that these practices invite volatility in the price of the coin. My response is perhaps not.

Some people might say that rapid increases in supply will lower the price. However, since the supply increases are known beforehand, this might not be the case, as the future increases in supply will already be factored into the current price. This argument basically assumes the Earthcoin market is efficient, which is probably another blog post on its own.

Some people have complained these mining effects result in a bit of an instamine, as more coins were released in the beginning of the life of the coin. This may be true, but I personally don’t think this is a big issue. The dev team seems to be long gone and the effects of any premine/ instamine have probably passed.

Lastly, it is interesting to note that earthcoin has a halving feature, like bitcoin. It sounds like it happens yearly, with a cap of 13.5 billion coins.

Wednesday, August 16, 2017

Approaching Moon?

I’m off on vacation right now, so I don’t have much time to report, but Bitcoin’s price is going crazy. It is over $4,000 at the time of writing this.  In addition, interest rates on margin lending is quite low, meaning the market isn’t confident that Bitcoin will lower in price. Which might mean there is still potential for upward movement. Here we can see margin loan supply on Polo:

Here is another more mainstream article on Bitcoin; however, it does seem to get some information wrong. In particular, it implies that hacking the blockchain is the same thing as hacking a particular exchange, which is totally incorrect. In addition, its criticism that “Bitcoin values are purely dependent upon holders having faith they will continue to have value” is something all currency share. The US dollar has no value except the value that people give to it, and likewise if people universally stopped accepting USD it would lose its value as well.

Also, I made a new page for my ebook, check it out here

Monday, August 7, 2017

Russia and Bitcoin News

I always found it interesting that a large portion of my Audience is from Russia, especially considering Bitcoin's questionable legal status there. I recently found this article on Bitcoin in Russia. Which talks about a few interesting points I did not know. For a preview of some, it appears the Kremlin was interesting in making its own digital currency as well as the idea that Russia is becoming more accepting of Cyprocurrencies. Anyways, enjoy!

Sunday, July 30, 2017

Where should I put my Bitcoin for the fork?

As I mentioned in my last post, there is a possible hard fork in Bitcoin coming up on August 1st. So where should you keep your bitcoin during this fork? Coinbase and many, if not most, exchanges will not honor btcc or bcc or alternative chains. Well, not btcpop they believe the market will determine the best chain and they will credit their users with bcc. Some other services like Xapo are doing something similar. However, due to their invasive privacy questions, I can’t recommend them.

It seems people have caught onto this trend as there is a huge shorting demand for Bitcoin right now on Polo. Polo has margin trading where you can sell bitcoin you don’t own or, more likely in this case, hold it in your wallet during the fork and get BTC and BCC.

I also have two small things I discovered this week. One is a new exchange opening up that is offering tokens to new users, check them out here.

And the other is a game where you can earn dogecoin. Despite my best efforts, I wasn’t able to actually earn any dogecoin… Other players kept eating me and taking it. So it's an interesting idea and game, maybe check it out. It's a bit like a mutliplayer pac-man.

Thursday, July 20, 2017

Bitcoin and the Fed, Plus Possible Fork?

On the 12th, while Janet Yellen was testifying to congress, a bitcoin enthusiast held up a sign saying “buy bitcoin.”

In another post, we can see he included a bitcoin address. I don’t know why he did this. It seems like a cheap trick to make a little money. Regardless, someone has taken this to the next level and created a downright scam. Here on Reddit, someone photoshopped the bitcoin address, and replaced it with what we can only assume is their own bitcoin address.

Also, there are some interesting things happening with a possible fork, here is one of the bitcoin blogs I follow for more. Read my past article on this topic here. The gist is that a fork may happen on August 1st, but probably not. Either way, I would make sure you have your bitcoin in your wallet in time for the fork. If the fork goes through, to my understanding, you will basically have those coins in two blockchains. Now, this doesn’t mean the value of your BTC and alternative chain BTC will double, but it would be like having two different cryptocurrencies.

Tuesday, July 11, 2017

Video: Mt. Gox Memories

Kind of cute little video I found on youtube, enjoy!

To end, George Santayana once said,  "Those who cannot remember the past are condemned to repeat it."

Friday, July 7, 2017

Short update: Reddit News

I haven’t had much time to report on Cryptocurrency news lately (and I probably won’t for another month or so), but here are some interesting things I have found lately. Apparently Bithumb, a large cryptocurrency exchange, was hacked. Here is a Reddit link to learn more.

Also on the subject of Reddit, here is a list of the top cryptocurrency subreddits.  You might notice number 1 and number 6 are both Bitcoin related. This is due to a raging battle between two ideologies. /R/Bitcoin is known to censor opposing points of view, they don’t allow people to discuss Segwit or Bitcoin unlimited (read more on this here). /R/BTC doesn’t seem to censor differing opinions. The BTC community also complains about the hostility found on /R/Bitcoin. I personally have experienced that too (As well as people who think they understand economics, but really don't).   

Lastly, here is a link to an interesting thread in Reddit about which coins people don’t own and why. Sometimes is difficult to get real criticism and this might be a good place to get some.

Friday, June 23, 2017

Don’t use Yobit

As you may have noticed, lately my blog has been getting a lot of spam comments. I just want to make it clear I don’t endorse these websites or products. In fact, I recommend staying away from many of them.

Specifically, I contacted the support team at Yobit, one of the worst spammers. It looks like it is just some guy with an affiliate link, but the company was unwilling to do anything about it. In addition, the support team clearly does not speak English as a first language. In short, stay away from Yobit. Support is lacking and they empower spammers.

Friday, June 16, 2017

The Atlantic and The Fed

The Atlantic recently published an article on cryptocurrency  ponzi schemes. Its a little funny, but I started reporting on Bitcoin ponzi schemes in 2014. As well as my failed attempt at being an investigative reporter (another link).

The Atlantic and my blog couldn’t be more different. The Atlantic is generally very wordy or even sesquipedalian at times. My articles are very short. Shorter than anywhere else sometimes. SEO experts are saying longer is better now days, but I don’t listen. Regardless, its interesting to see more mainstream media outlets reporting on what I have been doing for years.

In other news, the Bitcoin community has some interesting reactions to the Fed announcing a rate hike. The Bitcoin community always has colorful thoughts on fiat. This Reddit post states, "USD is a huge pre-mine SCAM!" For context, a pre-mine means refers to a cryptocurrency that had coins in existence, prior to being mineable by the public. The post links a video of Janet Yellen ( Chairman of the Fed) announcing a .25 % rate hike to the federal funds rate. The idea of the comparison between a pre-mine and the rate hike is the Fed alters the money supply in order to change the federal funds rate. Likewise, in a pre-mine, developers manipulate the cryptos supply in order to benefit themselves.

I’ll hopefully publish some more material later this month. In the meantime:

Follow my Facebook page
And twitter

Sunday, June 4, 2017

Bitcoin: Currency or speculative asset?

In Forbes, there is an article asserting Bitcoin is an asset, not a currency. Its two main criticisms were Bitcoin’s slow transaction time (calling into question its use as a medium of exchange) and its instability (which calls into question its store of value). Because it doesn’t meet 2 of the 3 defining characteristics of money, it therefore is not money (the last characteristic is a unit of account, which bitcoin is clearly very good at, see here for more).

Now, I think the author’s assertions about transaction times are misguided. If you want to transfer USD across the country, it can easily take days depending on how you do it. This length of time transactions take doesn’t make USD not a currency.

The author does have a point, Bitcoin does fluctuate quite a bit in value. But to this I might ask, how much fluctuation is too much? Regardless of all the fluctuation, Bitcoin still has an actively traded price and a value. Is Bitcoin an excellent store of value? Well, perhaps not the most stable, but ultimately, I think it is.

Overall, the author claims bitcoin is an asset, rather than a currency. He states: “Rather it is a commodity asset that one trades, like gold or silver, in hopes that its value will rise and yield a trading profit.“ I disagree with this idea. Bitcoin is not like gold or silver. First, gold and silver are physical. More importantly, Bitcoin’s source of value isn’t intrinsic, but is derived from belief in its value. Gold and silver both have fundamental values, they have uses besides that as a tool of speculators, whereas Bitcoin has an unclear fundamental value. It’s not that it doesn’t have a fundamental value, it's just not as clear (see past articles of use of bitcoin and other blockchain technologies). Overall, I reject the idea that Bitcoin is something to invest in. Rather, I assert, it’s something to invest with. I use services like Btcpop to invest my bitcoin to make a return. I don’t, however, invest my fiat in Bitcoin. As Warren Buffet said, that would be like investing in checks:

"Stay away. Bitcoin is a mirage. It's a method of transmitting money. It's a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view." Source

While I agree Bitcoin in its present form is not the future, it symbolizes the future. It is a step toward the future, a world where physical currency is no longer needed.  Certainly the technical limits of bitcoin prevent it from global adoption, but perhaps another cryptocurrency can do that.

Saturday, May 27, 2017

Is Poloniex is the next Mt. Gox?

Some people on the internet are saying Poloniex is the next Mt. Gox.  (As you probably know, Mt. Gox was the first big failed bitcoin exchange.) Well I don’t know if this is true, but if people think it is true, it may become true.

Cryptsy was an interesting example of unjustified fears becoming reality. Cryptsy had cryptocurrency stolen from them. This meant that if everyone withdrew their digital currency from Cryptsy, they wouldn’t have enough to cover all the deposits with them. (This meant they were operating similar to a traditional bank with fraction reserve banking.) Or in other words, they didn’t have the cash on hand to pay everyone that has deposited money (Cryptsy, however, was insolvent as well). They continued business as usual and did not announce the theft for fear of causing a scare. As Cryptsy made money, their capital was essentially restored. (In banking terms, Assets - Liabilities = Bank’s capital).  Once Cryptsy made enough money, they would no longer have to worry about a run on the “bank.”  An unrelated, unjustified rumor caused people to question Cryptsy. People simply questioning Cryptsy caused a mass panic which caused Cryptsy to fail and the stealing to come to light.

Now people are questioning Poloniex, just like they questioned Cryptsy in the past. Just the questioning of Poloniex could cause a scare, which could cause people to withdraw their Cryptocurrency. If enough people withdraw, it could bring to light other problems with Poloniex which could bring the exchange down. However, if there is no real issue, this might not affect them.

An additional reason Poloniex could be in trouble is that upward prices also increase credit risk. If a lender has traded cryptocurrency for fiat, the increase in price may make it difficult to repay a loan denominated in crypto. So if Poloniex has borrowed from his users, this may be an issue.

Lastly, it looks like many people are very delayed in when they can withdraw their money from Poloniex. This is a bad sign, and could be a sign of eventual shut down. Ultimately, I don’t think Poloniex will shut down right now, but only time will tell.

Thursday, May 25, 2017

Next Stop, Moon.

As you may be aware, the price of Bitcoin is going through the roof right now, its an exciting time. Another blog I follow has some interesting insights on volatility in Bitcoin's price. You can check it out here. Lots of other good posts should be coming in the next few days, my editor is very behind. Check in soon.

Tuesday, May 9, 2017

Still time to jump on the rocketship

I've made posts like this before, but Bitcoin's price is a bit crazy right now.
If you bought may book a few weeks ago, you would have had gotten a 43% return on your bitcoin holdings! Wow! (This is using CoinDesk BPI as of the official launch date compared to today).There is still time to jump into the arena, check it out on Amazon or Payhip.

Litecoin has made some big upward price movements too. This is probably due to segwit being activated. Thus resolving any uncertainty and improving the usefulness of the coin. Perhaps we might see similar results if BTC did that as well. But it's not just BTC and LTC that are big winners, lots of coins are going up. Nyan is the only coin in my holdings that hasn't gone way up.

Who knows what the future will bring. Either way, it might be a good idea to acquire some of your own Bitcoin. Not buying it necessarily, read my book to learn more.

Monday, May 1, 2017

The Price of Bitcoin

As promised in my last post, here is another guest post. This was written by Elliott Killian; to see more of his writing, check out his blog here:

The price of bitcoin for the past eight years has been very volatile ranging between less than one US dollar to over one thousand US dollars. Because of this drastic change, many ask: “What is Bitcoin?”. Is it a currency? A Technology? An investment tool? Or a scam? To answer these questions we have to examine how people use and value Bitcoin. A paper by Pavel Ciaian, Miroslava Rajcaniova & d’Artis Kancs did just that. They looked into the factors behind how bitcoin is priced. They wanted to know what the largest factor was. They examined the effects of the: global economy, number of learning about bitcoin (by views to the bitcoin Wikipedia page), attractiveness as an investment opportunity, and as a currency.

If you take any one theory each can not explain the pricing of bitcoin by itself. No factor by itself fully explains the price of bitcoin. If you split the price of bitcoin into different time periods at before or after October 2013 then these influences make more sense. This split represents early bitcoin when people were still learning about it from established bitcoin where people know what it was and were using it. For example, the number of people viewing the bitcoin site on Wikipedia searches did have an influence on the price of bitcoin when it was new, however, once it was established the number of people searching for bitcoin on Wikipedia had little effect on the price.

For the global economy, they found that it had no influence on the long-term price of bitcoin. This was similar to speculation. Speculation had little effect on the long-term price of bitcoin.

Here are my own thoughts after reading the paper and looking at bitcoin prices. I found that speculation had little impact surprising. Many people talk about using bitcoin as a get rich quick scheme by speculation. But speculation cannot deviate too far away from the true value of bitcoin measured by its use as a currency. Overall the use of bitcoin as a currency is what drives long term value and price of bitcoin. Simply put if more people use bitcoin the price goes up the fewer people use it the price goes down. What may be driving the price of bitcoin now is the black market online stores and legitimate businesses accepting bitcoin. In the future bitcoin may be used to as an alternative to currencies with high inflation or uncertain futures.

There is no one factor that determines the price of bitcoin. Multiple factors have affected bitcoin throughout its use. The long term price of bitcoin will ultimately be determined by how people use it. If more people use it as a currency the value and the price will increase. With this other factors such as speculation will have less of an impact on the price of bitcoin. Where ever the price of bitcoin goes you can know it is acting more and more like a currency than a speculative investment or scam.

Work cited
Pavel Ciaian, Miroslava Rajcaniova & d’Artis Kancs (2016) The economics of BitCoin price formation, Applied Economics, 48:19, 1799-1815,

Saturday, April 22, 2017

Many short updates

Lots has been going on in the Bitcoin world lately. It's an exciting time. Likewise a lot has been going on in my life, so I haven't been reporting too much ( I just barely finished my last final ever) . Anyways, expect to see another guest post in the near future.  And if you haven't seen my last simbi post, check that out here.  Also, I guess I forgot to post this when I found it, but some bitcoin atms were for sale on ebay

I'm also considering my first giveaway. Only if there is enough interest. So like, plus etc this post, and will probably host a giveaway.

Also, I am looking for people to sell my ebook, you will get a great commission.  Inquire at or use this link:


Also working on a experimental new website, check it out

Sunday, April 16, 2017

SegWit vs Bitcoin Unlimited: Building a better Bitcoin

This is the second post in my guest post series by Justin, make sure to comment your thoughts!

The 21st century has seen an explosion in the Internet commerce, business, and overall activity. Every day there are dozens of new businesses, hundreds of new websites, and millions of emails sent back and forth between those people who make the Internet run. It only stands to reason that new currencies would evolve to match these advances in business in communication. The strongest, and most well-known of these “cryptocurrencies” is known as Bitcoin. The Bitcoin was a pioneer in the world of cryptocurrencies. It has gotten the most press, but is also experienced massive fluctuations in value. Recently, Bitcoin has released to possible adaptations to the base model: Segwit and Bitcoin Unlimited. These two modifications to the core programming allow greater security, and usability. However there are certain differences in the way the program works.
In order to fully understand why Bitcoin needed to be updated, you need to better understand how cryptocurrencies work. Because there are no physical resources, such as gold, silver, or other precious metals, back in the value of the currency it is essential to track how the currency has been used in order to verify its legitimacy. Every Bitcoin has a certain amount of data attached to it, this includes past exchanges, who owned it when, and other information. Each of these pieces of information are necessary in the transmission of a Bitcoin from one party to another. However, with each transaction this information becomes bulkier, and harder to transmit. This is what both Segwit and Bitcoin Unlimited are attempting to solve.
Segwit, or Segregated Witness is among the newest adaptation to the Bitcoin code. Segwit separates the signature data from the main data block. Segwit takes that information from the main block and puts it into an extended block. This type of program change is known as a soft fork. It is still useable with the pre-changeover data blocks. The Segwit keys start with a 3, instead of the traditional 1. This new version addresses issues of scalability, and allows more transactions to happen every second. The major advantage of Segwit is that not everyone needs to use it in order for it to work. Bitcoin Unlimited is another story.
Bitcoin Unlimited is a system upgrade, and won’t cause current users to lose their coins. However, it does represent a radical change in the programing language of the Bitcoin community. Because the nodes are not backward compatible, Bitcoin unlimited and Bitcoin core are both competing for dominance in the cryptocurrency market. At the beginning of March, 2017, Bitcoin unlimited only controlled about 25% of Bitcoin miners, leaving 75% still using Bitcoin core. The major advantage to Bitcoin unlimited is that it removes the 1mb cap on main blocks. Along with other upgrades, Bitcoin Unlimited promises more transactions and more security.

The Internet has become the global market that our ancestors can only dream of. Unlike traditional currency still hold value, ideas like Bitcoin, and its sister currencies, seem to have hit their stride in the early 21st century. With new technology comes new challenges. The success of the coin can hardly be called negative thing, but it has it’s own hurdles to cross. SegWit, being a soft fork, attempts to answer security problems without radically changing the established format. Bitcoin Unlimited, is a hard fork, It definitely has potential for new uses, and new products. Only time will tell if the community chooses to be secure the market share is already has, with Segwit, or take the drastic new-path with Bitcoin unlimited. The future holds great possibilities for this ground-breaking idea, and pioneering currency. 

Monday, April 10, 2017

First Guest Post:Shooting for the Moon, Powered by Bitcoin

This is my first guest post by Justin, I hope you enjoy!

Financial matters are some of the most stressful issues in the average person’s life. There’s never enough money to pay the bills, save for retirement, pay for school, or go out and have a good time. 

You spend your days working at a job, working an insane amount for your money.  The 21st century has seen the rise of what have come to be known as “cryptocurrencies.” this new idea facilitates trade between people, companies, and even internationally. Cryptocurrencies such as Bitcoin, have captivated the digital world. Bitcoin has been met with fascination, ridicule, and a fair amount of mistrust and misunderstanding. Ricky H has written a book, called Zero to Moon, and in it he explains the basics of how to get started making money in this new, and exciting world. Bitcoin doesn’t have to be something reserved for someone else, a way for someone else to make money. The book shows you how you can harness the power of cryptocurrencies, and how to increase your personal wealth. There are three reasons why this new idea is intimidating. A lack of knowledge, a lack of ability, and a lack of resources are all reasons any new idea, especially Bitcoin, can seem unattainable and out of your grasp. He wrote this book specifically to demonstrate that the bitcoin isn’t just for others, it can work for you as well.

Someone is talking about Bitcoin every day, but few people know where it started, or who invented it. It was first created almost 10 years ago, Halloween night, 2008. The creator, or creators, known as “Satoshi Nakamoto,” was curious about creating a peer-to-peer to exchange system. In 2009, bitcoin was released as an open source software. 10 years later, tens of thousands of businesses accept Bitcoin is payment. While an entire Bitcoin is expensive, around $1100 at the time of writing, it is possible to buy fractional amounts of a single Bitcoin. This means, assuming you don’t have $1100 waiting around to be used, you can still benefit from rising or falling big coin markets. The risk here is that cryptocurrency markets can fluctuate wildly. There is no physical manifestation of their value. In Zero to Moon, Ricky discusses how Bitcoin is accessible to people with even a minimal amount of money. You don’t need to be an expert in financial markets in order to embrace the power of cryptocurrency.

Another reason why more people don’t get involved with Bitcoin is because they don’t know how to. Cryptocurrencies are not tangible, you cannot go to the store and pick one up,(although more and more stores are allowing you to spend them.) He explains how you can obtain bitcoins, either fractional, or multiples. Ricky walks through the best ways to find reputable sources, and where to find the best place to keep your coins.

Finally, people assume that in order to invest in a cryptocurrency you need to be a millionaire, or be super tech savvy. This is simply not true. There are people who spend their time “mining” Bitcoins. This however is a very labor intensive, computer intensive, electricity intensive process. Unless you already have the equipment, or just looking to mine Bitcoins for fun, He doesn’t recommend going about it that way. He shows you the most efficient, cost effective ways to get your hands in your first pieces of Bitcoin.

The Bitcoin market is gaining steam every day. While it’s not essential to future financial success, it is foolish to simply avoid it. He demonstrations all of these things to you and more as soon as you open the cover of Zero to Moon.

When not guest writing on blogs, Justin S is a carpenter and a pen maker. Check out his site at
BeautfulMusings or on Facebook at Beautiful Musings Facebook

Wednesday, March 29, 2017

Price changes and the alternative economy

I am currently in the process of hiring some guest writers. Thus far, I haven’t been successful in my attempts (In just a few hours since I wrote my first draft of this article, it seems my luck is changing, more on that in a later post!). Specifically, I wanted to address Segwit vs BU. A topic that is technical in nature, I was hoping someone else could write about it for me.  Looks like I will have to do a summary myself. Actually, Let’s leave it to better explainers than me:

This is a critical issue to bitcoin. Just the debate seems to have serious impacts to bitcoins price.  Looking at recent price trends, we can see more volatility than normal.

If this continues, some speculate that ETH will replace bitcoin.

This of course means I will have to report more on ETH, which means I would have to rename the blog and everything.

In addition, I recently found a new website that people interested in alternatives to dealing with USD might find interesting. Its called Simbi, you can trade services for other services. Now, of course, simply trading services for other services has the problem of a dual coincidence of wants, meaning, you have to want what the other party is offering and they have to want what you are offering.  To overcome this, they offer a currency called simbi. Check them out here

Thursday, March 16, 2017

Official Book launch

Tonight is the official launch of my book Zero to Moon. This book unlocks the secrets of getting your first $50 worth of Bitcoin. I mean, you could do it on your own like I did. Or you can learn from my many mistakes. For a limited time, with the coupon code "blogfollower" you can get half off as well. Check it out!

Saturday, March 11, 2017

State of Doge and Earth

I recently read on article on the state of Dogecoin.

While I agree with the comments regarding Dogecoin’s community. I question some of the premise of this article: Does a cryptocurrency need a dev team? In my opinion, no. An active dev team is not required for a coin. It seems some people feel it is. For that reason,
So I actually asked the writer on this article to respond on this issue.  As of yet. He has not responded.

On a slightly related note,  I got a comment on the earthcoin thread, asking about the dev team. I told the redditor, I’ve never seen or heard from them, and that not much has changed in the last 2 years since I’ve reported on Earthcoin.

Monday, February 13, 2017

New Project

I have big news. As you probably have seen, I haven't been posting on here very often. But, don't think I haven't been writing. I have been working on a Ebook, a guide to getting started with bitcoin. I have had any mishaps and learned many things in my time using bitcoin, why not share some of them and help some people avoid some misfortune. This is my pre-release edition. I probably will go through another round or two of editing.  I hope to add it to amazon later as well. Enjoy!

Sunday, January 8, 2017

Small update: Twitter Bot

For the time being, I will be writing on BTC+ less than in the past. But I just recently did something interesting. I have created a twitter bot. It posts the price of Nyan coin every hour. I had to learn some JavaScript to do it, but its running on node-red on my raspberry pi. Here is the bot if you are interested. Follow me @NyanPrice