Aug 112017
 

The silly season continues. Speculators are piling into the cryptocurrency space in the hopes of–sometimes very literally–making money fast. As I write this Ethereum’s value has halved since June but is still 20x since January. Litecoin is up 12x since then. Even Bitcoin has tripled, again. It seems like everyone now has an opinion on, and a position in, cryptocurrencies.

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http://Coinmarketcap.com  is now more popular than http://WSJ.com 

 

 

And hey, if you want to speculate, and casinos seem too sedate and controlled to you, then more power to you, jump right in. But for those of us who are interested in the technology, not the money — who think that blockchains are primarily interesting because, unlike most modern technology, they decentralize power — so far this has actually been a mostly disheartening year.

This has been the year of the ICO, in which an astonishing amount of money has been raised by the issuance of new cryptocurrencies in exchange for existing ones, the value of which is then inevitably measured in… US dollars, which says something. Tezos, which is basically “a more flexible Ethereum” (just as Ethereum was, to vastly oversimplify, “a more flexible Bitcoin”) raised ~$230 million. Bancor, which “enables anyone to create a new type of cryptocurrency,” raised ~$150 million. Status, “an open source messaging platform and mobile browser to interact with decentralized applications that run on the Ethereum Network,” raised $95 million. TenX, “Making Cryptocurrencies Spendable Anytime Anywhere,” raised ~$80 million.

Do you notice anything that these massive fundraises have in common? That’s right; they’re projects which benefit cryptocurrencies which manipulate and/or hope to supersede other cryptocurrencies. Much, if not most, of the big-money high-profile ICOs this year have been self-referential Crypto Inception. They’re built on the (often unquestioned) assumption that decentralized blockchain apps will be widespread and enormously valuable, and therefore, blockchain tooling and infrastructure will be as well.

That implicit assumption sounds nice; it even sounds plausible, if you squint the right way and accept a few uncomfortable assumptions; but — uh — tooling and infrastructure for what, exactly? Bitcoin has fought its way into a valuable and important niche as a widely recognized, fairly widely used, decentralized currency and alternative to gold, which is remarkable… although as pointed out by Adam Back, CEO of Blockstream, crypto OG, and generally extremely perspicacious guy, the rise of other cryptocurrencies is arguably a threat to the whole notion of blockchains-as-currency.

When you get beyond Bitcoin, though, and more specialized currencies such as ZCash and Monero, what exactly are blockchains being used for? Where is the colossal value implied by these eye-popping valuations for ICOs for blockchain tools and infrastructure?

20 Jul

Adam Ludwin @adamludwin

Replying to @adamludwin

34/They either assume a) someone else knows the why the dapp is valuable or b) someone else thinks someone else knows why it’s valuable

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Adam Ludwin @adamludwin

35/Bottom line, a cryptocurrency has ZERO fundamental value if the dapp has no value to a human

 

 

Well. Uh. About that.

As we will see, most of these projects are unlikely to be useful. And of those that have a chance of being useful, most don’t seem to clearly need the tokens that were sold and don’t have a clear path to provide value to the token holders, or are likely to be quickly forked into less rent-seeking forms.

That’s from a pessimistic but trenchant analysis by Lyle Cantor a whopping six weeks ago. It does not seem any less accurate today. Consider the forthcoming Filecoin ICO; then consider “the analysis Filecoin doesn’t want you to read.” Does this still seem like a healthy market to you? Does it really?

(Aside from this parenthetical I’m not even going to talk about the millions of dollars’ worth of currency that has been stolen or outright lost because of bugs and/or insecure code. I’m actually not too concerned about that in the long run. Every new technology is ridden with security flaws early in its lifespan. Think of cryptocurrencies as a technology with massive built-in bug bounties.)

Most blockchain apps we’ve seen to date which aren’t focused on the cryptocurrency space itself address the same few areas: namespaces, identity management, decentralized storage, decentralized cloud computing, and prediction markets. What concerns me is that it remains at best highly unclear whether a decentralized solution is better in any of these areas than a centralized one, for anything more than a small minority of users. As I’ve said before: when it comes to consumer apps, blockchains are the new Linux, not the new Internet.

The calls for a glorious fully-tokenized fat-protocol future are stirring. I want to believe. But when the rubber hits the road, and they consider concrete examples, these glorious futures tend to come to a screeching halt. They talk of value being shared among all users of the network, instead of accruing to a single company … but they tend to elide the fact that such a network would be slower, more complex, and harder to use, in exchange for very little end-user value.

Consider Facebook. Imagine that Facebook was a decentralized social network that returned fully half of its revenue (not profits, revenue) to its users. That means the average Facebook user would receive … a whole US$1 a month. That is not enough to make people want to use a clumsier, slower Facebook that innovates far less rapidly. It isn’t enough for decentralized networks to be more equitable. They have to be better. Or they have to do something that centralized networks cannot.

Note that thus far I’ve been talking about public, permissionless, fully decentralized blockchains. “Private” blockchains are a different story. Their obvious application there is to replace the multiple systems involved in any given type of financial transaction with a single shared blockchain. For instance: any given credit card transaction requires systematic coordination between five different parties, as entertainingly related in this recent videofrom noted cryptocurrency champions Andreessen Horowitz. It would be simpler, more efficient, and presumably cheaper for all concerned, to use a common shared datastore such as–you guessed it–a blockchain.

But as for new applications of the technology…

— well, thankfully, largely orthogonal to the crypto/ICO bubble, a few have in fact arisen. There is Brave’s Basic Attention Token, which is nothing less than an entirely new business model for online advertising. There is Grid+, which “leverages the Ethereum blockchain to give consumers direct access to wholesale energy markets”; it’s early days yet, but the interesting thing here is that the energy market is, when you consider the growth of home solar, also permissionless and decentralized; it seems like a natural fit.

Most interesting of all, there are multiple initiatives trying to give Ethereum’s “smart contracts” — code which runs to conditionally perform transactions, or not, depending on certain criteria — the actual force of law. OpenLaw from Consensys. The Accord Project. And Mattereum, from Ethereum release coordinator Vinay Gupta and crypto-accountant-philosopher Ian Grigg among others, which:

is the first Internet of Agreements infrastructure project, bringing legally-enforceable smart contracts, and enabling the sale, lease, and transfer of physical property and legal rights … achieved by using natural language contracts which specifically delegate legal authority to two external systems: the smart contract on the blockchain, and an arbitration association which handles disputes.

The kind of blockchain true believers who cause my eyes to roll violently are fond of saying things like “code is law,” which, um, good luck convincing a judge of that. But explicitly incorporating code as law is a far more interesting and productive approach, and opens a road to a whole new panoply of applications and possibilities. Which is supposed to be the whole ultimate point of new technology.

So speculate if you like, but don’t pay too much attention to valuation bubbles or cryptocurrency prices or even ICOs. Conversely, don’t be dissuaded by the recent surreality there into thinking that the whole blockchain sector is nothing but snake-oil Dunning-Krugerrands. Once you get past the current wave of sheer ignorant greed, I promise you, you’ll find a lot of interesting things going on.

Mike Prettyman Chief Information Officer Green Fire Engineered Reclamation Member GreenFire DAO Whatsapp only Phone: 1-602-315-1571 Skype: mike.prettyman Website: http://greenfirefunding.com email: greenfirereclamation@gmail.com

Jul 252017
 

7 Cryptocurrency Predictions From the Experts

Crypto currency is here to stay.

The Bitcoin purpose is established but stagnate, its application for commercial transactions is limited right now. GreenFire is devloping on the blockchain for industrial and commercial uses.

GreenFire uses the blockchain, I.E. and Ethereum, on the other hand, have absolutely fascinating infrastructure application capabilities.

No one can say how many tokens and coins and blockchain protocols will eventually win out, but the experts seem to think there’s room for a multitude. 

Many say there is yet an unknown coin to be implemented that will be universal on and to most blockchains.

As you can see, blockchain development is very dynamic. With the blockchain evolving and maturing at the speed of light it is vulnerable to all of the whims of the power elite whose basic premise in life is control.

For the next while anyone using crypto is vulnerable to the same whims.

Here is a tip:
In doing crypto transactions, it's best to follow he “know your customer” laws. They should be obeyed until the rules are agreed upon, it’s “best to be transparent” about what one is doing.

Full Article; http://fortune.com/2017/07/25/bitcoin-ethereum-cryptocurrency-predictions/

Mike Prettyman Chief Information Officer Green Fire Engineered Reclamation Member GreenFire DAO Whatsapp only Phone: 1-602-315-1571 Skype: mike.prettyman Website: http://greenfirefunding.com email: greenfirereclamation@gmail.com

Jul 052017
 

Central Bank of China

In Brief

China's central bank has developed its own cryptocurrency, which is now being tested. Cryptocurrencies have the potential to not only benefit China, but the rest of the world, due to their basis in blockchain.

Benefits of Digital Currency

China’s central bank — the People’s Bank of China — has developed a prototype of a cryptocurrency that it could end up in circulation in the near future. It would be introduced alongside the China’s primary currency the renminbi (also called the yuan). China will be simulating possible scenarios and running mock transactions using the cryptocurrency with some commercial Chinese banks.  Click to View Full Infographic The potential benefits of developing a digital currency are significant, particularly in China. First, it would decrease the cost of transactions, and therefore make financial services more accessible, which would be a big help to the millions of people in the country who are unconnected to conventional banks. Second, as it would be supported by blockchain, it has the potential to decrease the rates of fraud and counterfeiting, which would be of service to the government’s attempts to reduce corruption — a key concern. Third, it would make the currency easier to obtain, which would increase the rate of international transactions, allowing for more trades and faster economic growth.

The Rise of Cryptocurrencies

Since Bitcoin’s humble beginnings back in 2009 (when it was only valued at around 0.0007 USD) the digital currency, and the very idea of cryptocurrencies in fact, has grown monumentally. The total market cap of cryptocurrencies on April 1st of this year was over $25 Billion. A single Bitcoin is now worth more than $2,500. Now many national economies, as China’s plan shows, are considering the idea of developing their own variant. Although China’s experimental approach to simulate a self-developed cryptocurrency’s usage is the first of its kind, other countries and institutions have made strides in that direction as well. The Deputy of Russia’s central bank has emphatically stated that “regulators of all countries agree that it’s time to develop national cryptocurrencies.” Over 260,000 stores in Japan will begin accepting Bitcoin as legal tender this summer, and big banks like Santander have announced plans to develop their own version. Cryptocurrencies have the potential of revolutionizing not only the business world, but many methods of transaction. There has already been talk of using cryptocurrencies to administer Universal Basic Incomes due to their traceability, as well as for the delivery of human aid; the potential for which was demonstrated by a recent experiment to help refugees in Jordan by the UN.

  Source: China Becomes First Country in the World to Test a National Cryptocurrency

Mike Prettyman Chief Information Officer Green Fire Engineered Reclamation Member GreenFire DAO Whatsapp only Phone: 1-602-315-1571 Skype: mike.prettyman Website: http://greenfirefunding.com email: greenfirereclamation@gmail.com

Jun 162017
 

Bancor initial coin offering raises over $200 million in three hours to become the largest crowdfunded project ever

DOMINIC POWELL / Friday, June 16, 2017

A demo of the Bancor protocol. Source: Bancor.network

A new blockchain startup built on the Ethereum platform has become one of the highest funded crowdfunding projects ever, raising approximately $US153 million ($201 million) through an initial coin offering (ICO) in just three hours earlier this week.

The startup is called Bancor, and it offers a platform aimed at making it easier for other startups and users to launch, manage, and trade their own forms of blockchain currency, known as “tokens”. These tokens are managed through the Ethereum network’s “smart contracts”, which enable self-executing contracts enforced and recorded on the blockchain.

Combining these two features, the Bancor protocol offers “smart tokens”, which enable “any party to instantly purchase or liquidate the smart token in exchange for any of its reserve tokens, directly through the smart token’s contract, at a continuously calculated price, according to a formula which balances buy and sell volumes”.

The ICO was intended to run for an hour, reports Coindesk, with a funding target of 250,000 ether (the main currency of the Ethereum blockchain), or around $US95 million. Due to alleged difficulties with the network, including supposed delayed transactions, the campaign was extended an additional two hours, resulting in a total of 396,720 ether or approximately $US153 million being raised.

Over 10,000 investors got on board with the ICO, with Coindesk reporting the largest single purchase was $US27 million, equalling 6.9 million BNT, the token used by the Bancor protocol to fuel its new platform.

This was enough to shoot Bancor into the number one spot of highest funded crowdfunds, and continues the recent initial coin offering craze, with blockchain startup Brave raising $US35 million in 30 seconds via a recent ICO.

However, due to the transitory value of cryptocurrencies such as Ethereum, the true amount raised by these startups is ever-changing. With the value of ether increasing over 2800% this year alone, a $US153 million raise could be $50 million more, or less, in a matter of days.

The Ethereum protocol is proving to be a popular platform for successful crowdfunds, with seven of the top 10 crowdfunding projects having been based on the platform, including the crowdfund for the platform itself.

Dec 212016
 

Cash Is No Longer King: The Phasing Out of Physical Money Has Begun

(ANTIMEDIA) – As physical currency around the world is increasingly phased out, the era where “cash is king” seems to be coming to an end. Countries like India and South Korea have chosen to limit access to physical money by law, and others are beginning to test digital blockchains for their central banks.

The war on cash isn’t going to be waged overnight, and showdowns will continue in any country where citizens turn to alternatives like precious metals or decentralized cryptocurrencies. Although this transition may feel like a natural progression into the digital age, the real motivation to go cashless is downright sinister.

The unprecedented collusion between governments and central banks that occurred in 2008 led to bailouts, zero percent interest rates and quantitative easing on a scale never before seen in history. Those decisions, which were made under duress and in closed-door meetings, set the stage for this inevitable demise of paper money.

Sacrificing the stability of national currencies has been used as a way prop up failing private institutions around the globe. By kicking the can down the road yet another time, bureaucrats and bankers sealed the fate of the financial system as we know it.

A currency war has been declared, ensuring that the U.S. dollar, Euro, Yen and many other state currencies are linked in a suicide pact. Printing money and endlessly expanding debt are policies that will erode the underlying value of every dollar in people’s wallets, as well as digital funds in their bank accounts. This new war operates in the shadows of the public’s ignorance, slowly undermining social and economic stability through inflation and other consequences of central control. As the Federal Reserve leads the rest of the world’s central banks down the rabbit hole, the vortex it’s creating will affect everyone in the globalized economy.

Peter Schiff, president of Euro-Pacific Capital, has written several books on the state of the financial system. His focus is on the long-term consequences of years of government and central bank manipulation of fiat currencies:

Never in the course of history has a country’s economy failed because its currency was too strong…The view that a weak currency is desirable is so absurd that it could only have been devised to serve the political agenda of those engineering the descent. And while I don’t blame policy makers from spinning self-serving fairy tales (that is their nature), I find extreme fault with those hypnotized members of the media and the financial establishment who have checked their reason at the door. A currency war is different from any other kind of conventional war in that the object is to kill oneself. The nation that succeeds in inflicting the most damage on its own citizens wins the war. ” [emphasis added]

If you want a glimpse 0f how this story ends, all you have to do is look at Venezuela, where the government has destroyed the value of the bolivar (and U.S. intervention has further exacerbated the problem). Desperation has overcome the country, leading women to go as far as selling their own hair just to get by. While crime and murder rates have spiked to all-time highs, the most dangerous threat to Venezuelans has been extensive government planning. The money they work for and save is now so valueless it’s weighed instead of counted. The stacks of bills have to be carried around in backpacks, and the scene is reminiscent of the hyperinflation Weimar Germany experienced in the 1920s. Few Western nations have ever experienced a currency crisis before, meaning many are blind to the inevitable consequences that come from the unending stimulus we’ve seen since 2008.

In order to keep this kind of chaos from spreading like a contagion to the rest of the world, representatives are willing to do anything necessary, but this comes at a cost. Instead of having to worry about carrying around wheelbarrows full of money, the fear in a cashless society will likely stem from bank customers’ restricted access to funds. With no physical way for consumers to take possession of their wealth, the banking interests will decide how much is available.

The level of trust most people still have in the current system is astonishing. Even after decades of incompetence, manipulation, and irresponsibility, the public still grasps to government and the established order like a child learning how to swim. The responsibility that comes with independence has intimidated the entire population into leaving the decisions up to so-called ‘experts.’ It just so happens that those trusted policymakers have an agenda to strip you and future generations of prosperity.

Some of the few hopes in this war against centralization are peer-to-peer technologies like Bitcoin and Ethereum. These innovative platforms have the potential to open up markets that circumvent state-controlled Ponzi schemes. The future development of crypto-assets has massive potential, but being co-opted is a real danger.

The greatest threat to individual freedom is financial dependence, and as long as your wealth is under someone else’s control, it can never be completely secure. Unfortunately, private blockchains are becoming increasingly popular, creating trojan horses for those just learning about the technology (in contrast, Bitcoin’s transaction ledger is public) . Without the decentralized aspect of a financial network, it is just a giant tracking database that can be easily compromised like any other.

The World Economic Forum released a report on the future of financial infrastructure. Giancarlo Bruno, Head of Financial Services Industries at WEF stated:

Rather than to stay at the margins of the finance industry, blockchain will become the beating heart of it. It will help build innovative solutions across the industry, becoming ever more integrated into the structure of financial services, as mainframes, messaging services, and electronic trading did before it.”

The list of countries who are exploring integrating blockchain technology into their central banking system is extensive. Just to name a few; Singapore, Ukraine, France, Finland and many others are in the process of researching and testing out options.

For those who appreciate more tangible wealth, diversifying into hard assets like gold and silver is a great first step. It’s not about becoming a millionaire or getting rich quickly, but rather, using precious metals as vehicles for investment in the long-term. Regardless of what events unfold over the decades to come, the wealth preserved in physical form is more secure than any other asset. Forty years ago it was possible to save your money in the bank and accumulate interest over time, but that opportunity no longer exists. Those who fail to adapt to this new financial twilight zone will likely find themselves living as slaves to debt for years.

Control and confidence are two of the most important things in the system we live in. Once these digital spider webs have been put into place, the ability for an individual to maintain privacy or anonymity will all but disappear. Only through understanding the subversive actions being taken can people protect themselves from having to put their future in someone else’s hands. The cash that allows free transactions without tax burdens or state scrutiny won’t be around much longer. There will be many rationalizations for a cashless society in the years to come, but without fixing this broken financial system first, this will only ensure that despotism gains an even sturdier foothold.


This article (Cash Is No Longer King: The Phasing Out of Physical Money Has Begun) by Shaun Bradley is free and open source. You have permission to republish this article under a Creative Commons license with attribution to Shaun Bradley andtheAntiMedia.org. Anti-Media Radio airs weeknights at 11 pm Eastern/8 pm Pacific. If you spot a typo, please email the error and name of the article to edits@theantimedia.org.

 

Dec 122016
 

Take Cryptocurrency As Payment On WP Site

Free multi-cryptocurrency accounts with instant exchange

There are WordPress plugins that are gateways to the Cryptonator exchange. The GoURL series on WordPress.org or the website (https://gourl.io). I have been using these for about 8 months and have had no problems.

Cryptonator is an all-in-one online Bitcoin wallet which supports multiple cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE) and others. It enables fast and easy direct transactions and allows instant exchange between different cryptocurrencies in one personal account. Combining usability with high level privacy , anonymity and security, Cryptonator offers free multi-cryptocurrency accounts, which are accessible 24/7 worldwide on your laptop, desktop or mobile devices alike.

Cryptonator lets customers checkout in cryptocurrency, automatically convert received payments to USD or EUR and withdraw it to your bank account. Or just leave your received cryptocurrency payments on your Cryptonator account for future use. It`s up to you!

Sign up for a free account

https://www.cryptonator.com/auth/signup/101069939

Due Diligence

http://www.scamidentifier.com/review/cryptonator.com/

Mike Prettyman,
Chief Information Officer at Green Fire Engineered Reclamation
For more information come to the website

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Nov 162016
 

 Author Jacob Timp

The United States House of Representatives has passed a nonbinding resolution calling for an adoption of “a national policy for technology to promote consumers' access to financial tools and online commerce to promote economic growth and consumer empowerment.”

Why The Accelerated Interest?

We have seen relatively little developments in the space of federal regulation on the Blockchain technology and digital currencies. A non-profit called Coin Center reached out to United States representatives communicating their concerns on the developing bill. The letters on issue are available on their website.

In July, the declaration was introduced which calls the United State government to develop an updated domestic policy related to technology, specifically referencing cryptocurrencies and Blockchain technology. The bill was introduced by United States Congressman Adam Kinzinger of Illinois and is sponsored by Congressman Tony Cardenas of California.

Following statements from supporters, the resolution passed by a verbal vote earlier this week. The resolution is non-binding, which may be considered a half-measure, is a rather significant leap forward from Congress for the discussion on Blockchain and cryptocurrencies.

The opening remarks on the bill stated:

“The House of Representatives that the United States should adopt a national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment.”

The resolution occurred months after the United States House Committee on Energy and Commerce debated the technology. Notes from supporters on the floor demonstrated a very real interest in the issue among the House members.

Congressman Michael Burgess of Texas, stated at the hearing:

"There’s no doubt that Blockchain innovations are on the cutting edge today."

What’s Next?

We will see what the next step is for congress and whether or not they will pursue a more substantial bill development for digital currencies and the Blockchain technology. The next session will meet after November's United States elections.

The non-leaning characteristics of the current resolution suggests that a new and updated bill may be released by Congress in the time following.

Mike Prettyman,
Chief Information Officer at Green Fire Engineered Reclamation
For more information come to the website

Children of the Landfill Project

Green Fire Engineered Reclamation

Join our active groups on Markethive

Children of the Landfill
Green Fire Engineered Reclamation

Feb 082016
 

The future of money is cryptocurrency.

We finally reach really incredible stage in the digital universe for ten or fifteen years we were awaiting the arrival of a truly cohesive electronic money and crypto currency the modern-day blockchain based bitcoins star concept has finally broken through.

We are starting a cryptofunding campaign to fund the Green Fire Project. There are seven currencies listed in the sidebar that being used for this purpose.  I will present each one individually. Each video has instructions about where to get your wallet and how to set it up.

Introductions to the different cryptocurrency exchanges for exchanging and purchasing the currency will be detailed and linked.

The donation pages will be announced in the next few days.

This video will explain.

 

[youtube https://www.youtube.com/watch?v=Kf6lXgyZB9U]

 

Jul 302015
 

Does Cryptocurrency have an intrinsic value?There has been one big issue with these new cryptocurrencies since their beginning and subsequent expanding distribution. How are they valued? Do they hold any intrinsic value whatsoever?

Of course that is not the only issue surrounding them but it is certainly one of the biggest questions asked and also one of the most important ones to reach an understanding about especially if you are thinking about buying into these types of currencies. 

A cryptocurrency only has value in its exchange – it has no inherent value – this is precisely the same as with a ‘conventional’ currency. A dollar is only actually worth what someone is willing to give you in exchange for that dollar.

If everyone were to stop accepting the dollar it would become worthless instantly. This is precisely how the financial market works, if globally the dollar becomes viewed as a bad investment it will ultimately collapse.

Cryptocurrency, just like the dollar, is only worth what someone will exchange for it. There is no Federal Reserve to issue new digital currency, theoretically making it more stable. Bitcoin for example, releases more of its cryptocurrency each year but the exact amount decreases proportionally year after year. The Federal Reserve, however, issues dollars in a reactionary fashion whenever it so chooses. Therefore, the more businesses and people that accept a form of a cryptocurrency – the more stable it will become.

In conclusion you could say that this questions has two answers. One view is that because cryptocurrencies in general are not tied to any physical commodity or other institution giving it a value it can not have any intrinsic value. At the same time the opposite can be argued that actually because it is not tied to any person, organization, country or regulation that can control it, it therefore has an intrinsic value in its ability to avoid being controlled.

I have included a youtube 5 minutes long video “The real value of bitcoin and cryptocurrency technology – The Blockchain explained“ that will explain bitcoin and cryptocurrency in five minutes. In 5 minute this video will demonstrate how blockchain technology will drastically change our lives.