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Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects * 3
    #24304820 - 05/08/17 04:04 PM (3 years, 9 months ago)
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Cryptocurrency: Digital currency in which encryption techniques are used to regulate the generation of units of currency and to verify the transfer of funds, with the unique attribute of decentralized operation, thus independent of central bank interference.  Most of us have heard of Bitcoin, the first player on the scene to use blockchain technology (a digital ledger in which transactions are recorded chronologically and publicly), and have witnessed its meteoric rise in value as it proved itself a viable medium of exchange, attracting the attention of venture capitalists and regulatory authorities.  Launched in 2009 with with practically no value, each Bitcoin (BTC) is today worth around US$1660 and the entire market capitalization of bitcoin is north of $27 billion.


       


Many follow-on cryptocurrencies have been created, but it wasn't until Ethereum debuted in the summer of 2015 that a major step in the evolution of cryptocurrency took place with the integration of smart contracts onto the blockchain.  Smart contracts introduced in the Ethereum network are autonomous decentralized applications (scripts) that can be stored on the blockchain and used to facilitate, verify and enforce the negotiation or performance of economically-laden procedural instructions.  Since the contracts become publicly available on the blockchain, they are thus capable of circumventing censorship, collusion and counterparty risk.  The instructions embedded in Ethereum contracts are paid for in Ether (ETH), which is the effective cryptocurrency of the Ethereum network.

Corporate giants such as Microsoft, JPMorgan Chase, BNY Mellon, CME Group, Credit Suisse, ING, Intel, UBS, and BP (amongst several others) have setup the non-profit Enterprise Ethereum Alliance, investing millions to create a standard version of the Ethereum software that businesses around the world can use to track data and financial contracts.  This has lent further credibility to the evolution of the technology and caused the price of Ether to soar, with a market capitalization of over $8 billion.


         


Enter Tezos, the next intended evolutionary step in blockchain technology.  While Ethereum took a significant step forward by incorporating customizable smart contract functionality into its blockchain, there is still the fundamental challenge of governance, maintenance and security, as evidenced by the heated debate over how best to scale the bitcoin network as it grows, as well as the DAO hack that exploited the Ethereum network to the tune of around $50 million.  The creators of Tezos argue that these challenges manifested themselves in situations that put too much power in the hands of core development teams or miners; in other words, first-generation blockchains have become subject to a form of centralization that their developers sought to avoid.  Thus, during its three years of development, the Tezos team sought to address the need for decentralized innovation in protocol design and emphasized the importance of formal verification in its software design.  The fundamental change to governance is as follows:

Quote:

While all blockchains offer financial incentives for maintaining consensus on their ledgers, no blockchain has a robust on-chain mechanism to seamlessly amend the rules governing its protocol and explicitly fund protocol development. As a result, first generation blockchains tend to empower, de facto, centralized core development teams or miners to formulate design choices.

Tezos takes a fundamentally different approach by creating governance rules for stakeholders to approve of protocol upgrades that are then automatically deployed on the network. When a developer proposes a protocol upgrade, they can attach an invoice to be paid out to their address upon approval and inclusion of their upgrade. This approach provides a strong incentive to contribute efforts towards core development of the Tezos blockchain and further decentralizes the maintenance of the network. It compensates developers with tokens that have immediate value rather than forcing them to seek corporate sponsorships, foundation salaries, or work for Internet fame alone.

Tezos instantiates new technical innovations but also enforces types of constitutionalism through the use of formal proofs to mathematically verify that key properties are upheld over time. By allowing stakeholders to coordinate on-chain, the network also allows for the creation of bounties to implement specific features or discover bugs. Collectively, the network maintains the decentralized aspect of blockchains while introducing a mechanism to enable collective decision making. Tezos tokens not only power smart contracts in the network, but also allow votes on protocol amendments. The initial Tezos rollout is simple by design, but its self-amending nature means that the rules governing the network can be improved over time.




To the point, while Tezos is as yet unproven, a considerable amount of thought and planning has been put into its development and it appears to offer the next step in the evolution of blockchain technology and its associated cryptocurrency.  As I know many of us have participated in the use of or investment in various cryptocurrencies, I wanted to inform the crew here that there will be a crowd sale "initial coin offering" for Tezos beginning May 22nd, 2017.  You can participate in the allocation of the genesis coins through contributions in BTC or ETH.  There is no cap on the amount of contributions that will be accepted, in efforts to ensure that participation is not limited only to insiders, however there will be a small bonus given to the earliest adopters.



[Edit: Thread title changed to a broader headline]


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Edited by geokills (08/30/17 09:09 PM)


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: geokills] * 1
    #24304856 - 05/08/17 04:17 PM (3 years, 9 months ago)

Good looks Geo.

I've been looking back into more cryptocurrencies lately.

I haven't heard of this one.

I was looking into Ethereum when it first came out years ago, but honestly it's still hard for me to completely comprehend how the blockchain and all of it really works.


Do you have any thoughts on Namecoin?

I always found the idea behind it interesting, but it's price hasn't risen much over the past few years leaving me to question if it's practical in use or even worth it as an investment.

Do you personally see any value in it or foresee it increasing at all?

or is it just a dud cryptocurrency that will never evolve?


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: Big Worm]
    #24305099 - 05/08/17 06:03 PM (3 years, 9 months ago)

Quote:

Big Worm said:
Do you have any thoughts on Namecoin?

I always found the idea behind it interesting, but it's price hasn't risen much over the past few years leaving me to question if it's practical in use or even worth it as an investment.




I haven't hardly heard of Namecoin, which in and of itself makes me question its longevity or potential for mass market appeal and capital appreciation.  Upon cursory review, it looks like one of the earlier adaptations of Bitcoin's original blockchain technology, with a slight tweak allowing for additional data to be inserted into the blockchain.  Frankly, it seems like a specialized limited version of what the Ethereum adaptation sought to provide, by allowing some additional information to be stored in its blockchain.  However since Ethereum's technology is considerably more flexible (and Tezos will be as well), I doubt Namecoin has a bright future outside of highly specialized applications such as the DNS registry for .bit domains which it currently oversees.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: Big Worm]
    #24305186 - 05/08/17 06:37 PM (3 years, 9 months ago)
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Quote:

Big Worm said:
... honestly it's still hard for me to completely comprehend how the blockchain and all of it really works.




The blockchain is, in its most basic sense, a public ledger that contains every single transaction in chronological order, verified by a decentralized network of peer-to-peer participants.  For a detailed review of how the blockchain functions, check out the historic document attached to this post.  It was written by bitcoin's unidentified creator who goes by the pseudonym Satoshi Nakamoto.

This guy is thought to own roughly 1 million BTC... today's equivalent of nearly $1.7 billion! :whoa:


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: geokills] * 1
    #24306166 - 05/09/17 03:55 AM (3 years, 9 months ago)

Thanks for the notice geo. I have a good chunk of money invested in several cryptocurrencies (btc, eth, xpr, xmr, ethclassic)

Im thinking about investing a couple k into this.


Edited by sh4d0ws (05/09/17 03:56 AM)


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: sh4d0ws] * 1
    #24340692 - 05/22/17 04:26 PM (3 years, 9 months ago)

 

Impressive continuation in the cryptocurrency trade, with Bitcoin and Ether hitting all time highs.  Moves last month by the Japanese government allowing retailers to legally accept bitcoin has boosted trading volume between BTC and the Japanese Yen, which now accounts for 40%+ of total trading volume in the cryptocurrency.  The Russian government, initially opposed to Bitcoin, is now looking at ways of regulating it for accepted legal transactions as soon as next year.  Continued media coverage, political turmoil and a push to offer cryptocurrencies in SEC sanctioned Exchange Traded Funds is also contributing to demand for these issues.

The Tezos crowdfunding campaign, origially slated to begin today, has been delayed due to regulatory delays in Switzerland, which is where the Tezos Foundation is set to operate:
Quote:

Tezos Fundraiser Delayed Until June

Dear potential Tezos contributors,

The Tezos Foundation has decided to delay the fundraiser previously scheduled for Monday, May 22, until some time in June. We want to share some background on what led to this decision:

For more than six months, Tezos' creators worked with legal experts to form a legal architecture for the Tezos Foundation and the global Tezos community that will stand the test of time. That architecture is now in place via the Tezos Foundation.

The Swiss authority that regulates and supervises all Swiss foundations is currently overwhelmed by demand. A key driver for that demand is that more cryptographic startups and ICOs are being launched here, in the Crypto Valley, than anywhere else in the world. This appeal stems from Switzerland's unique culture and politico-legal system which provides greater protection for individuals and their property than any other jurisdiction.

While the Foundation's legal advisors have stated that we could hold the fundraiser as planned, we have discussed this amongst our board and decided that, in the interest of the high prudential standards we hold ourselves to, we will not proceed until every i has been dotted and t has been crossed with the Swiss foundation supervisory authority. We will bring this level of care and forethought to everything it does, so the Tezos community always has peace of mind that things are being done right.

The Tezos Foundation is extremely pleased with the fantastic community that is starting to sprout around the Tezos project. The interest in the Tezos fundraiser has been electrifying. It is an amazing vote of confidence in decentralized governance and in the world class team developing the project. That interest has been matched by engineering development resulting in a testnet that has been operating for several months already and a production version that is expected to ship later this year.

Johann, Guido, Diego, and the Tezos Foundation team.





On an interesting ancillary and personally exciting note, the rapid rise in bitcoin may allow those who were burned by the Mt. Gox (original BTC exchange) bankruptcy in 2014, to recoup their loss and possibly even come out ahead.  The practical realist in me has kept my mouth shut on this for the most part, but having lost a five-figure sum in the fallout, it is something that I've kept an eye on and held in the back of my mind over the years.  By current estimates, if the value of bitcoin can get up to ~$2900, the bankrupt Mt. Gox estate can liquidate its assets to pay all accepted creditor claims.  Creditor claim value was determined by a ~US$450 bitcoin exchange rate and then converted to Japanese Yen.  As my account was almost entirely BTC, the current value of the BTC that was accepted as my claim is worth north of $80K, but alas, my frozen-in-time converted Yen claim value is worth around $17K.  I'm sure any payout will end up closer to the later figure.

Nevertheless, with bitcoin pushing $2200 right now, what once seemed like lost money may very well turn into found fortune.  I have remained skeptical, as there are ongoing lawsuits and fees associated with the bankruptcy proceedings that can quickly eat into creditor payouts, but the fact that hedge funds are now offering to buy out creditors claims in hopes for a windfall payout gives me hope.  For anyone else who holds a confirmed claim against Mt. Gox, if you're interested in receiving an offer from a hedge fund for a quick payout (word is that it will be around 15% of your account value), you can seek such offers via http://www.mygoxclaim.com.  I emailed for an offer today and will report back, but frankly, unless the offer is exceedingly attractive, I will opt to wait for the final payout even if it will take years longer to procure (and run the risk of never manifesting at all).


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: geokills]
    #24356010 - 05/28/17 10:50 AM (3 years, 8 months ago)

Great info.

Exciting times for these digital currencies and contracts.

:popcorn:


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: LogicaL Chaos]
    #24382134 - 06/06/17 01:18 PM (3 years, 8 months ago)

Thoughts on monero? 100% anonymous and decentralized.  If btc becomes more mainstream and regulated, there may be more of a demand for a more currency that can't be traced.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: tito123] * 1
    #24382334 - 06/06/17 02:34 PM (3 years, 8 months ago)

I am not a big fan of the privacy differentiation factor that monero offers, mostly because it is not that difficult for those who wish to use bitcoin (or other cryptocurrencies) privately, to do so.  It takes some extra effort with respect to how your coins are procured, how you store them and how you spend them, but for the ultra paranoid, one can definitely use bitcoins in a manner that is practically and personally untraceable.  This would be done through the use of LocalBitcoins.com for purchasing coin, tumbling your coins through various wallets (or using a tumbling service through TOR) and making sure any receipts and purchases you make are from one-time-use-only wallets.

Nice to note that bitcoin and ether are pushing through all time highs today.  My portfolio of cryptocurrency has more than doubled since I started this post. :whoa:

That's pretty remarkable.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: geokills]
    #24382969 - 06/06/17 06:31 PM (3 years, 8 months ago)

So has mine :highfive:.

It's actually tripled in the past 2-3 months. And I'm acquiring more each day as I can. I've found some other ones that I did decently on as well. Monero, Ripple, Stratis, Ethereum Classic (I was holding during the hard fork and ended up with both ETH and ETC)

At this point I guess it could very quickly crash back down to those low levels of 2 months ago but I am starting to doubt that with these constant all time highs happening daily. Seems like there is enough support to keep the prices going up, and even when a correction happens they seem to be fairly minor. I'm really not sure what to do anymore. Should I get out, sell half, sell a quarter? Hodl for as long as possible? I have sold coins in the past and severely regretted it, so I think I may just hodl everything and hope for the best.

One things for certain, I'm definitely going to put atleast $5K into tezos. I might even go bigger on Tezos. I have a good feeling about Tezos.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: sh4d0ws]
    #24383860 - 06/07/17 12:16 AM (3 years, 8 months ago)

After buying my first btc years ago at $6, I regret not investing a couple hundred and letting it sit for years.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: tito123]
    #24387445 - 06/08/17 10:19 AM (3 years, 8 months ago)

Quote:

tito123 said:
After buying my first btc years ago at $6, I regret not investing a couple hundred and letting it sit for years.




Hah, yeah I became aware of BTC when it was trading around $6 as well... didn't buy any.  Started buying when it was around $300.

sh4d0ws, I also have a small amount of Ether classic, so small that I don't even pay attention to it, it's just sitting in my Kraken account.  Insofar as your question regarding selling now or holding, that really depends on what you're trying to do.  From a trading perspective, I don't think it's a bad idea to take some profits here and place some bids between $2,000 - $2,500.  But I do my trading in more liquid markets (i.e. stocks and options), so for me the cryptos are simply an asset allocation / diversification strategy similar to my gold, silver and palladium holdings, and thus, I'm not concerned about the volatility and am happy to sit on them.

One note about the Tezos launch, they will not accept fiat currency contributions for their ICO, so if you are planning to participate, you'll need to allocate some of your BTC to do so.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: geokills]
    #24401405 - 06/13/17 07:57 AM (3 years, 8 months ago)

Quote:

geokills said:
I am not a big fan of the privacy differentiation factor that monero offers, mostly because it is not that difficult for those who wish to use bitcoin (or other cryptocurrencies) privately, to do so.  It takes some extra effort with respect to how your coins are procured, how you store them and how you spend them, but for the ultra paranoid, one can definitely use bitcoins in a manner that is practically and personally untraceable.  This would be done through the use of LocalBitcoins.com for purchasing coin, tumbling your coins through various wallets (or using a tumbling service through TOR) and making sure any receipts and purchases you make are from one-time-use-only wallets.

Nice to note that bitcoin and ether are pushing through all time highs today.  My portfolio of cryptocurrency has more than doubled since I started this post. :whoa:

That's pretty remarkable.




Ive heart from trustworthy sources that even with all those measures its still possible to trace the bitcoins back to you unforunately. I dont know how it works but apparently theyve seen it with their own eyes.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: howsyournaggerdoin]
    #24413416 - 06/17/17 09:43 PM (3 years, 8 months ago)

tezos July 1st


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: sh4d0ws]
    #24419814 - 06/20/17 10:00 AM (3 years, 8 months ago)

Tezos is gonna be big. I intend to participate. Im also in Ants and SIA, and own some Mobilego.

Greets, Tomnl


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: tomnl]
    #24428187 - 06/23/17 03:26 AM (3 years, 8 months ago)

I am preparing myself to put a large sum into this one. I really believe it will do well.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: sh4d0ws]
    #24428239 - 06/23/17 04:23 AM (3 years, 8 months ago)

I worry about the uncapped crowdfunding campaign. What if they raise like a billion dollars and the pool of tezos becomes so big that it never becomes profitable ?


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: howsyournaggerdoin]
    #24429051 - 06/23/17 02:03 PM (3 years, 8 months ago)

Unfortunately, the cat is out of the bag so to speak, and well capitalized venture capitalists are starting to get on board with these ICO's, which dilutes the available share for smaller retail investors like you and I.  Case in point, the Bancor ICO garnered $150 million earlier this month, earlier this week Status.im raised over $100 million in less than 3 hours, and just look at this list of ICO's set to hit the market.

To be sure, there will absolutely be complete failures amongst this rapid propulsion of new ICO's on the market (remember what happened to DAO?).  People see the money up for grabs, and there is a gold rush.  Tezos has a considerable amount of thought and planning put into its development, but no one really knows whether it will be adopted over the long term.  No one knows how much money will be raised through its ICO, and thus what size slice of the pie you will be allotted once it closes.

Put plainly, there is risk involved.  In fact, I would state that there is extreme risk involved in this newfound asset class.  Fortunately with extreme risk, comes the potential for extreme reward.  As such, one must be mindful not to get in over one's head, but also do what one can so as not to be left behind.

Tread cautiously, understand your own measure of what constitutes an acceptable loss, and take a stab at involving yourself an exciting new technology.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: geokills]
    #24429164 - 06/23/17 02:35 PM (3 years, 8 months ago)

There is a lot of risk in the unmatched volatility of the crypto exchanges.

My personal order for Monero is buy up to 60$

I suggest people like forum users who are interested in crypto currency check out steemit and earn steem to start exchanging without as much risk.


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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: twoones]
    #24430801 - 06/24/17 04:39 AM (3 years, 8 months ago)

Thought about jumping into this, for pure speculation's sake.  But since i can't even wrap my head around the concept of the software, let alone the execution-path of clicks needed to get involved, i decided against it. 

add in the fact that these things are blowin' up in the VC/WS crowd, and the headwinds aganst my participation are magnified even more. 





which is a shame because i like raw gambling :smile:


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