Tag: Bitcoin

Don’t Get Goxxed – Bitfinex, Bittrex & Coinbase

The Story: Stay safe from counterparty risk

A lot of money is flowing into the digital currency market, and certain exchanges such as Bitfinex, Bittrex and Coinbase are having a hard time keeping up with all the orders.

Bitfinex has quickly implemented deposit fees for deposits under $1,000, and withdrawal minimums of $250 or more. They’ve also increased the confirmations required for deposits, for example, Dash deposits now require 9 confirmations instead of 6, and sometimes even when the 9 confirmations are reached, the funds are still not available. Withdrawals can now take 24 hours to process – a long time to sit and sweat wondering if your money will ever come out.

Perhaps these are just symptoms of a market expanding, with infrastructure not fit to deal with increasing demand. However, it’s possible that they’re indications of greater problems. When it comes to money, it doesn’t hurt to be careful.

The Cash:

If you enjoy our posts, please become a patron on Patreon, or have a look at The Paradise Paradox’s page on Steemit where you can join, earn money, and upvote our posts to help support the show! You can also find a lot of additional content which is not posted on this site, with Kurt’s posts on Steemit.

We really appreciate all of your contributions! Every cent and satoshi we receive lets us know that we’re doing something worthwhile, that you are entertained by our program, and that you’re starting to question what you know more and more. Please be generous. Donate to The Paradise Paradox. Or buy some stuff on Amazon using this link. Or buy some of our great T-shirts here.

The Episode:

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Bitcoin’s Path To Ruin – Episode 185

The Story: Is Bitcoin destined for failure?

If you got into Bitcoin early, it was probably because you saw the long-term potential of a platform that could disrupt the banking and central banking industries, holding governments accountable and limiting their power. You were probably a starry-eyed idealist who believed that real change was possible, by changing the systems that we all use, and hopefully, those stars have not yet left your eyes. If you got in more recently, you might hold the somewhat less principled position of “We’re all getting rich off this Internet nerd money!”

If you’re the second kind of speculator, you might fold as soon as times get tough, your position torn out easily like the shallow roots of a clover. If you’re the first kind, you might persist even when things are looking bad, because you knew that you had very good reasons to enter the market in the beginning.

Conditions have changed for Bitcoin, with high transaction fees from $1-$3, which rule out the microtransactions, small transactions and use for developing nations which idealists once believed made it unique. According to Mike Hearn, the Bitcoin developer who quit in January 2016, there are people on the team who don’t believe in the fanciful visions of its creator, and never saw it as anything more than a potential platform for large settlements. Hearn declared the experiment over, a statement that was easy to overlook for many, considering how often Bitcoin has been pronounced lost.

The team remains prudent and risk-averse, which makes sense for a multi-billion dollar project, but it also means the programmers on the team who are excellent are not free to innovate, which makes Hearn’s departure seem much more sensible in retrospect. With transactions that can take hours and fees 100x its competitors, the project is already years behind. In today’s world where invention and innovation are common, playing it safe can be a death sentence.

In this episode, Kurt presents the case that the Bitcoin experiment is on the path to ruin, likely being sustained by all the points in its favour, such as brand recognition and network effect, but eventually falling further into inutility, and likely causing misery for many. Join me on this value-investing tail of hope, disillusionment and suspense in the next episode of … The Paradise Paradox!

The Eps:

Infiltrators: Bitcoin paranoid – Episode 162

The Links:

The resolution of the Bitcoin experiment – Mike Hearn

Video format wars – Wikipedia

I looked into SegWit, and here’s what I saw – Nathan Hourt a.k.a. Modprobe

Dilbert comic – Catching up

The Cash:

If you enjoy our posts, please become a patron on Patreon, or have a look at The Paradise Paradox’s page on Steemit where you can join, earn money, and upvote our posts to help support the show! You can also find a lot of additional content which is not posted on this site, with Kurt’s posts on Steemit.

We really appreciate all of your contributions! Every cent and satoshi we receive lets us know that we’re doing something worthwhile, that you are entertained by our program, and that you’re starting to question what you know more and more. Please be generous. Donate to The Paradise Paradox. Or buy some stuff on Amazon using this link. Or buy some of our great T-shirts here.

The Episode:

To download the audio, right click and press “save as”.

Remember to subscribe on iTunes or subscribe on Pocket Casts.

If you enjoyed the episode, don’t keep it a secret! Feel free to share it on Twitter, Tumblr, Facebook, Reddit, or your office bathroom wall.

Bitcoin over 9000: Lock in profits! – Episode 184

The Story: Why to sell cryptocurrency when the price is exploding

Bitcoin is over $9000 USD and people are going bananas. In cryptocurrency discussion groups, there are rumours that mass adoption is finally taking hold, that everyone’s grandma is buying BTC, or even that the dollar is crashing against Bitcoin. Meanwhile, using cryptocurrency remains more difficult than programming a VCR, and addresses continue to look like computer errors. Mainstream interest has piqued, but as long as the user experience remains poor, mass adoption is unlikely.

Nevertheless, people in the community are going crazy over the rise in price. It’s tempting to believe it will go up forever, a mistake many have made in markets and paid dearly for it. The longer the mania over the price continues, the more likely a correction – but nobody can say exactly when, how, or how much.

As many have made small (or large) fortunes in this market, and people are so hyped, that’s a sign that now is the time to be prudent, and to consider how much of your net worth you really want to have sitting in volatile space age Internet nerd money. Times like these can be good to put some money into more stable assets, such as cash, or perhaps precious metals. Selling small amounts at a time means you can be adaptive to changing market conditions – remaining open to selling more if the price keeps going up, and having the chance to buy if the price slips.

Life is about risk management. You can’t make the perfect move, but you can be flexible enough to prepare for different scenarios, and you certainly can be humble enough to see the possibility of different scenarios. Nobody knows how high Bitcoin or other cryptos will go, and nobody knows when it will crash. Accounting for the lack of knowledge is the beginning of wisdom.

Disclaimer: Nothing in this article or video is intended to be financial advice. I don’t want to tell you what to do with your money and I don’t know what you should do with your money.

The Eps:

Bitcoin, Dash and digital currency for beginners – Episode 181

Infiltrators: Bitcoin Paranoid – Episode 162

Dash vs Bitcoin: which will achieve mass adoption first? – Episode 154

The Cash:

If you enjoy our posts, please become a patron on Patreon, or have a look at The Paradise Paradox’s page on Steemit where you can join, earn money, and upvote our posts to help support the show! You can also find a lot of additional content which is not posted on this site, with Kurt’s posts on Steemit.

We really appreciate all of your contributions! Every cent and satoshi we receive lets us know that we’re doing something worthwhile, that you are entertained by our program, and that you’re starting to question what you know more and more. Please be generous. Donate to The Paradise Paradox. Or buy some stuff on Amazon using this link. Or buy some of our great T-shirts here.

The Episode:

To download the audio, right click and press “save as”.

Remember to subscribe on iTunes or subscribe on Pocket Casts.

If you enjoyed the episode, don’t keep it a secret! Feel free to share it on Twitter, Tumblr, Facebook, Reddit, or your office bathroom wall.

Bitcoin, Dash and digital currency for beginners – Episode 181

The Story: The dream of cryptocurrency and what to do about it

Most people hear the word “Bitcoin”, they don’t think much of it, or they think only about drug markets on shady parts of the web. Bitcoin, Dash and digital currency in general are similar to the Internet itself in some ways. If you can think back to 1995, you might remember people saying how the Internet was full of paedophiles, pornography and other undesireable material – a place for nerd and perverts, but certainly not for regular people. Today, almost everyone who has the resources to access the Internet uses it on a regular basis, from shopkeepers in London to monks in rural Thailand. A technology which was once only for a few, quickly became a necessity for everyone.

Free digital currency – currency not controlled by any government – may be the greatest breakthrough in monetary technology since coins were first minted. However, just as with the Internet, the benefits are not obvious to most, unless they have a need to escape the restrictions of normal money. Farmers in Argentina use these currencies to escape the will of banks telling them how to grow and what to grow. Activist organisations such as Wikileaks use it to accept payments when governments try to block them. Impoverished Venezuelans use it to smuggle in food to feed their families, as the national currency collapses before their eyes. If you want to send money across the world cheaply, or to find a way to save money so it isn’t eroded by inflation, or you have a desire to see a better world where everyone has a chance to live comfortably, could a currency such as Dash or Bitcoin help you?

In this episode, Kurt discusses the dream, the highest ideals of digital currency – ending war and providing a means for the masses to escape poverty and reach prosperity, removing power from central banks and holding governments accountable to the public they are supposed to serve. He also gives an overview of how to acquire Dash or Bitcoin, some pitfalls to avoid losing your money, and some ways you can earn this currency.

Join us in an industry-disrupting episode of … The Paradise Paradox!

Disclaimer: Nothing in this video or podcast is to be construed as financial advice.

The Eps:

Dash vs Bitcoin – Which will reach mass adoption first?

Bitcoin vs Dash – Ridiculous comments about Dash

Why Amanda B. Johnson loves Dash

The Links:

Dashforce News

Travelling using Dash by Joël Valenzuela

Dash Nation Slack or Dash Nation on Discord

What is Bitcoin? video

Where to spend Dash

Spend Bitcoins

Purse.io – buy Amazon gift cards

Bitcart – buy Amazon gift cards

Coinmarketcap

The Cash:

If you enjoy our posts, please become a patron on Patreon, or have a look at The Paradise Paradox’s page on Steemit where you can join, earn money, and upvote our posts to help support the show! You can also find a lot of additional content which is not posted on this site, with Kurt’s posts on Steemit.

We really appreciate all of your contributions! Every cent and satoshi we receive lets us know that we’re doing something worthwhile, that you are entertained by our program, and that you’re starting to question what you know more and more. Please be generous. Donate to The Paradise Paradox. Or buy some stuff on Amazon using this link. Or buy some of our great T-shirts here.

The Episode:

To download the audio, right click and press “save as”.

Remember to subscribe on iTunes or subscribe on Pocket Casts.

If you enjoyed the episode, don’t keep it a secret! Feel free to share it on Twitter, Tumblr, Facebook, Reddit, or your office bathroom wall.

Bitcoin Price Explosion: Luis Fernando Mises – Episode 167

The Story: The prices of digital currencies are going crazy

In late 2013, the price of Bitcoin started exploding, going from around $120, to close to $1200, within 3 months. People in the digital currency realm were stunned and amazed, and many people (including myself) started buying up currencies, chasing the Bitcoin bullet train. “This time it’s different,” we thought. “Who knows if the price will ever come down?” we thought. A few months later, the price came rolling down, eventually settling around $450. A lot of people surely lost a lot of money in those months, buying high and selling low. That was when I learned a simple lesson: the best time to buy an asset is when nobody gives a shit about it.

Now it’s June 2017, and in the past three months we’ve seen Bitcoin shoot up from around $1000 to more than $2500 – even to $3000 in some markets. I see people on social media boasting about their winnings, parading the fact that they have assets worth hacking. I tell them to be careful, that trading at all time highs can be a recipe for disaster. They tell me “The dollar is crashing against crypto!” and “This time it’s different!” I know some will probably lose a lot when the bull market ends, still believing that they’re digital currency genii and know how to pick winners. Others will prudently and consistently take profits, and wait for another opportunity to buy big.

In this episode, I welcome back Luis Fernando Mises, business consultant, entrepreneur, spiritual healer and digital currency investor, to discuss the latest rise in Bitcoin and altcoins, and what pitfalls people should look out for. We talk about ease of use in virtual currency, potential problems with Bitcoin, and spiritual perspectives to be gained when you lose a lot of money. We also discuss the problems with gossip in the liberty movement, how many are focused on the “telenovela” of liberty, and how that energy can be directed into something more fulfilling.

Join us on another bank-breaking episode of … The Paradise Paradox!

The Eps:

Shamanic aliens – Luis Fernando Mises: Episode 146

Shamans with guns – Luis Fernando Mises: Episode 95

The Links:

Emancipated Human

The Cash:

If you enjoy our posts, please become a patron on Patreon, or have a look at The Paradise Paradox’s page on Steemit where you can join, earn money, and upvote our posts to help support the show! You can also find a lot of additional content which is not posted on this site, with Kurt’s posts on Steemit and Aaron’s posts on Steemit.

We really appreciate all of your contributions! Every cent and satoshi we receive lets us know that we’re doing something worthwhile, that you are entertained by our program, and that you’re starting to question what you know more and more. Please be generous. Donate to The Paradise Paradox. Or buy some stuff on Amazon using this link. Or buy some of our great T-shirts here.

The Episode:

To download the audio, right click and press “save as”.

Remember to subscribe on iTunes or subscribe on Pocket Casts.

If you enjoyed the episode, don’t keep it a secret! Feel free to share it on Twitter, Tumblr, Facebook, Reddit, or your office bathroom wall.

Infiltrators: Bitcoin Paranoid – Episode 162

The Story: Have government agents infiltrated Bitcoin?

If you created a system that could potentially displace a lot of existing organisations – large, powerful organisations – rendering them obsolete and removing their sources of funding, you could reasonably expect that some people from those groups wouldn’t be too happy about it. They will most likely decide to take action – perhaps even criminal action – in order to protect their interests. That’s why when Bitcoin was created, it made sense that its inventor (or inventors) decided to remain anonymous.

The identity of Satoshi Nakamoto remains unknown, and as far as we know, no longer has anything to do with the project. So they are most likely safe from reprisal. Yet, what about the people who are involved in the project today? If powerful people wanted to slow down or even destroy Bitcoin, how would they do it? The decentralised, anti-fragile nature of the system makes it too strong for an attack using software. But the developers’ identities are public, and the discussion boards are public. Anyone with sufficient resources could begin to corrupt these groups using money, violence, threats of violence, and sowing seeds of confusions in public forums – perhaps even creating entire companies to subtly undermine the integrity of the project.

In this episode, Kurt looks at a couple of historical examples of how “law enforcement” organisations are willing to get their hands dirty for questionable purposes, and speculates how similar strategies could be used to unhinge the Bitcoin community – or other digital currency communities. He discusses how Hoover used the FBI to act out his prejudices against black Americans, how London Metropolitan policemen were involved in sexual relationships as part of their undercover operations, and the types of unusual comments that float around among prominent Bitcoiners, that raise the question of whether Bitcoin has been compromised.

Join me on a journey of infiltration, deception and mystery in the next episode of … The Paradise Paradox!

The Eps:

Dash digital cash vs Bitcoin: Which will achieve mass adoption first? – Episode 154

Bitcoin vs Dash: Ridiculous comments about Dash – Episode 157

The Links:

Anarchast – Opening Yourself Up to The World, Living Freely and Enjoying the Ride with Kurt Robinson

Just being black was enough – The Nation

Tape shows Nixon feared Hoover – NY Times

Undercover agents fathered children – The Antimedia

Undercover police had children with activists – The Guardian

Luke JR’s $5 comment on Reddit

Lesser known reasons to keep blocks small in the words of Bitcoin Core developers

In-Q-Tel on Wikipedia

In-Q-Tel’s website

The Cash:

If you enjoy our posts, please become a patron on Patreon, or have a look at The Paradise Paradox’s page on Steemit where you can join, earn money, and upvote our posts to help support the show! You can also find a lot of additional content which is not posted on this site, with Kurt’s posts on Steemit and Aaron’s posts on Steemit.

We really appreciate all of your contributions! Every cent and satoshi we receive lets us know that we’re doing something worthwhile, that you are entertained by our program, and that you’re starting to question what you know more and more. Please be generous. Donate to The Paradise Paradox. Or buy some stuff on Amazon using this link. Or buy some of our great T-shirts here.

The Episode:

To download the audio, right click and press “save as”.

Remember to subscribe on iTunes or subscribe on Pocket Casts.

If you enjoyed the episode, don’t keep it a secret! Feel free to share it on Twitter, Tumblr, Facebook, Reddit, or your office bathroom wall.

The Dash instamine and why it doesn’t matter

When a digital currency is mined before it’s released to the public, that may be a symptom of a scam – but it doesn’t prove without a doubt that it’s a scam. It may be an indicator that the creators just intend to boost up the value of the currency a little, sell their holdings, and leave. However, if we find that the creators continue to work on the coin long after any get-rich-quick scheme should have expired, is it still reasonable to say that the coin is a scam?

 

The Dash Digital Cash D.R.E.A.M. – Kurt Robinson Raps

Every couple of years we look at our bank accounts and realise that our money buys less than it did. We work so hard for our money, and yet it seems difficult to get ahead. Why? It’s not by accident. The monetary system is structured that way. Central banks continue to print money, and bankers get rich, but as the currency supply increases, the value of our dollars decrease.

What’s the solution? Many people thought that Bitcoin could free us from this mess. The promise of decentralised currency – not controlled by any central authority, but instead governed by algorithms, using cryptography – could mean the end to central banks. Yet, it seems like Bitcoin hasn’t yet lived up to that dream. We can’t spend Bitcoin at the corner store, we can’t tip in it, and if we tell our bank manager that we have some bitcoins as collateral for a loan, he’ll probably laugh. And, as transaction fees go higher and higher, it seems less and less likely that Bitcoin will ever live up to our highest expectations. It seems that Bitcoin might not be anything more than Internet nerd money.

Dash is based on Bitcoin, but has certain other features which might just make it live up to those expectations. It allows the stakeholders to form a consensus to make decisions about where the project is going, and it has a focus on user experience. If the team manage to create virtual money which is stable, accepted, and so easy that your grandma could use it – could Dash be the currency of our dreams?

Here’s a rap song which explores those concepts.

To download the track, right click here and press “Save as“.

Lyrics

Dash rules everything around me
D.R.E.A.M. get the money, digital cash y’all

I grew up where half dollars have 12 sides
Queen’s head on the front, roo & emu behind
But instead of gaining value the Aussie lost it
So I wondered what could have possibly caused it
In the minds of politicians corruption’s forming
Abusing the system of inflation we’re born in
To make an honest livin’ you work, it takes time
But central banks just print their money – that ain’t right
Now I’m living in Mexico, collecting the pesos
stash a little silver case the bank goes broke
Once upon a time a peso was “buen dinero”
1990 it got away & they dropped “tres ceros”
Your man Trump – I don’t believe in him
Puppet Peña Nieto – you can see the strings
Politicians criminals thieves & kings
See your money float away like leaves in the wind

Dash rules everything around me
D.R.E.A.M. get the money, digital cash y’all
Dash rules everything around me
D.R.E.A.M. get the money, digital cash y’all

I guess I wondered ’bout a way out the struggle
Starvin children dotcom housin’ bubble
The system’s rigged, the dollar has to topple
That’s when I heard the name Satoshi Nakamoto
Stranger emerged to the world to give it code
& change it forever through digital gold
He’s still vanished, with the code it could manage
To give us an exit from the whims of banksters
And as it rose, nouveau riche control the cheese
A new breed of millionaires promoting peace
But as the years passed we found we had a problem
This nerdy tech wasn’t ready for mass adoption
Some still suspect the government payroll
Agents provocateurs COINTELPRO paid trolls
Thought Bitcoin’d save us from one thing we wanted it
Instead fell victim to the same thing – politics

Dash rules everything around me
D.R.E.A.M. get the money, digital cash y’all
Dash rules everything around me
D.R.E.A.M. get the money, digital cash y’all

You’re never gonna get, outta debt
When every cent you’ve met is borrowed from the Fed
They’ve got you in an awkward position
But the dream’s still alive, I can see it in my vision
They arrested Von Nothaus, stealing his ingots
they got charlie shrem for laundering digits
They snapped up Ross saying he sells dope
They arrested so many, but you can’t arrest hope
The goal is to create a system so resilient
It evolves whenever it’s fisted out of commission
The dream is to cast off these banker’s shackles
That have been for centuries on our hands & ankles
The dream is this, whatever cards you dealt
Whoever you are, can find a path to wealth
They’ll get lines blurred, nothing’s what it seems
No matter what occurs, don’t give up the dream

Dash Rules Everything Around Me – D.R.E.A.M.
Get the money – digital cash y’all
Dash Rules Everything Around Me – D.R.E.A.M.
Get the money – digital cash y’all
Dash Rules Everything Around Me – D.R.E.A.M.
Get the money – forget the dollar bills y’all
Dash Rules Everything Around Me – D.R.E.A.M.
Get the money – forget the dollar bills y’all