Cryptocurrencies and the Illegal Gambling Industry
- Cryptocurrencies and the Illegal Gambling Industry
- Cryptocurrency Gambling – Bitcoin Gambling Sites
- Cryptocurrency Gambling Illegal
- Cryptocurrency Gambling Illegal
- Cryptocurrency: 5 reasons CBN is banning virtual money
- Gambling with Cryptocurrency: Is it legal? » NullTX
- Link Between Illegal Gambling And Cryptocurrency
- Is cryptocurrency gambling illegal? : dogecoin
- How illegal online gambling launders $150bn from China
- Cryptocurrency Transaction Illegal Under Our Act – CBN
is cryptocurrency gambling illegal
is cryptocurrency gambling illegal - win
Is cryptocurrency gambling illegal?
Posted this over in
/bitcoin but realized I'd get a much better response from you guys.
As altcoins aren't regulated currency, in places where it is illegal to gamble is it still illegal? Games like Borderlands (and many others) allow you to gamble your 'funny money'. I'm sure there are games where you can buy in game cash with microtransactions and in turn allows you to gamble this so is it the same scenario?
Do 'casino' owners still have to get the same licences as one would with USD/GBP?
submitted by CitizenSmif to dogecoin [link] [comments]
Question: Is gambling with Bitcoin online, or any cryptocurrency for that matter, illegal?
I know the federal government prohibits online gambling, but Bitcoin is unregulated so how could it be against the law? Is this still a grey area for the government?
submitted by doyouevenIift to Bitcoin [link] [comments]
The Mods of WSB & A Coordinated AMC Pump
Going to be editing this with info as I come across it. Please DM me if you have anything to add. Many of you have reached out and I've complied a lot of evidence. I realize now that these pumps originated in Discord groups, but this is something I am still actively looking into and won't be including here.
Users of
wallstreetbets (and also places like Stockwits,
amcstock, and Youtube chats) attempted a coordinated pump on AMC (& GME) today, Feb. 3rd. These comments are still avaible. The fact they are still up and that I found them very easily means that the mods are not able to moderate their community well enough to stop coordinated pumps. There
is not evidence that shows the mods were in on coordinated pump, but the fact that they were unable to stop it taking place shows that the subreddit has grown far too big to be managed by a team of 35 mods.
There is evidence that some mods owned both AMC and GME, and it is possible they held these shares while the coordinated pump was happening in threads they were supposed to be moderating (proof of GME ownership at the bottom).
Coldcutcombo69 was mod on WSB during the AMC coordinated pump.
Here is them claiming that they were a mod on WSB. This
image of mods before and after the day of the pump confirms they were a mod during the AMC pump-and-dump.
Coldcutcombo69 posted a picture of them having a sell order on their AMC stock that never hit, making it possible they owned AMC shares during the coordinated pump. Coldcutcombo69 also posted some kind of DD thread about AMC two days ago, promoting the stock
here. The content of this post has been removed. This post promoting AMC was made while Coldcutcombo69 was a moderator.
Coldbutcombo69 was a moderator during the AMC coordinated pump. They are no longer a moderator as of the time of this post, only a few hours later.
They confirmed this here. A WSB mod was posting comments and threads promoting AMC while possibly still holding AMC shares, and a pump-and-dump occurred in the daily threads that they (along with others) were supposed to be moderating.
turdled is currently a WSB mod. They said, "We don't comment or promote trades. That's up to the subscribers and their upvotes/downvotes to decide."
View it here. turdled's claim was false. Coldcutcombo69 had been a moderator for 25 days. During that time they posted comments and threads promoting AMC, while providing evidence that they actually owned AMC shares. A moderator (who may command more respect in a community of 8.5 million people) promoting a stock is wrong, and the mods clearly believe that is the case since they said they don't do it. But at least one of them did. It could be that Coldcutcombo69 was removed because they were promoting AMC, but they had been doing this for days and were only removed a few hours ago.
ZJZ (a well known moderator) posted this today and was removed as a mod. The head mods also removed more mods, cutting the number of mods from from 62 mods to 37. Coldbutcombo69 was cut from the mod team at this time. It seems very suspicious to me that the head mods removed a bunch of mods from their positions after the events of today, especially because one of those ex-mods had been promoting AMC so much while being a mod.
Note: there is some kind of extended purge happening within the mod team right now. The mod team started at 62, then was cut with ZJZ to 37, then 36, now it's down to 35. EDIT: Two new mods have been added, bringing the count back up to 37. One of them tried posting something in a WSB thread, but their comment was deleted by the auto-mod because they have never posted in WSB before.
Here is some proof of what's going on there. ZJZ has exposed that there are bad actors on the mod team, using their power on the sub to try and make cash off movie deals and crypto scams. This at least adds weight to the points im raising in this thread.
EDIT: There was a thread on WSB by a moderator trying to explain what happened with the mod team.
You can see that thread here. There is a lot of push back in the thread. The mod's claim is that the profit from the movie deal would have been given to charity.
This may not be true, as Discord logs show another mod asking what their profit will be from the movie deal, asking "What's our cut.". Infighting with the mods seems to be a continued issue with a mod changing the subreddit description from the classic "like 4chan found a bloomberg terminal" to
this. This change was instantly reverted.
MOD UPDATE 2/4: It seems that the moderator team has changed again. 23 mods now remain. OPINION_IS_UNPOPULAR is now listed as the most senior mod, and
they have allowed this thread to stay up. The mod reports that the Reddit admins have stepped in.
Statement from Reddit admins, according to OPINION_IS_UNPOPULAR: "After reviewing this situation based on input from both current and past moderators, we have decided to remove several moderators at the top of the list that were creating instability in the community."
Source. NEW INFO: I've also been sent a good amount of evidence from multiple people indicating these types or coordinating buying and selling schemes were happening on places like Youtube, Twitch, and Discord. All of these groups seem to be composed of WSB/WSB spinoffs users. These users would spam hash tags, spam and raid Twitch channels, and coordinate these social media pushes with timed buying and selling of GME/AMC/BB/NOK. It is possible (and looks likely to me) that the timed pumps you see below were organized by a Discord group. I have collected a lot of evidence on this front, but this evidence of the real organizers of the pump is something I might have to pass along to someone who is more experienced at dealing with this stuff.
The AMC Pump Here is evidence of the coordinated pump by users on WSB. The coordinated pump effort occurred in the daily thread, but also spilled out into some posts. Note: I have yet to see any comments/posts that moderators made showing them participating in the coordinated pump effort. It is not known if they knew about these comments or not.
"AMC 1 pm LET FUCKING GO" - WildPhoenix55 58 upvotes. Posted around 12:00 PM CST. Not removed as of 8:40 PM CST.
"AMC 2 DA MOON @ 1PM EST" - OutlandishnessOk4137 Posted around 12:00 PM CST. Not removed as of 8:40 PM CST.
"watching that 1pm movie" At 1 PM, we’re going to the Moon! Get ready! 🚀 🚀 🚀Discussion *Note that this thread was 6 days ago. Still strange that it was not taken down
Comments in this thread talking about 1 PM pump EVIDENCE THE 1 PM PUMP WORKED: 1 PM seems to be the main time that was set. You can actually see the coordinated pump spike the price of AMC up to $9.70 right after 1 PM. You can also see the massive amount of volume increase during that time as well. Volume between 1:00-1:05 shot up to 8,725,700. This was the highest volume for a 5 min period all day.
Check it out here. It was also reported to me that some users received DM's about the pump. If you are reading this and received any kind of DM like this, please message me. After seeing the first pump work successfully, they tried it again 1 hour later. Here are a swarm of comments made coordinating the pump for 2 PM.
"2 shares at 2 pm AMC!!" EDIT: This account has been deleted.
You can view a picture of this post here. "Everyone buy 2 shares of AMC and 2pm let’s rush these heggies 💎💎💎💎🚀🚀🚀" "AMC at 2 !!!!" "2 AMC shares @2pm rush" "AMC at 2. Let’s give them some payback🚀" "do i buy now or at 2" "Buy AMC at 2pm Eastern, 11am Pacific. 2pm is when it’s happening." The 2PM coordinated pump was not as successful. It could be that some users were confused with the time differences. Either way, there was still a marked increase of volume during the 5 min period of 2:00-2:05 which also resulted in the stock re-testing its daily high.
Check it out here. You can actually watch a Youtuber Trey's Trades see the pump at 2 PM in action. He is reading comments on a WSB spin-off subreddit
amcstock. You can see people spamming chat for people to buy at 2 PM.
Here is the video. The fact that this guy's stream chat is filled with a pump-and-dump scheme and he did nothing about it is pretty telling.
I've backed up the comments and info here. If you find anything else suspicious about this, please DM me. I want to make it clear that there isn't evidence that the mods participated in the pump. But the pump-and-dump (
which is illegal) happened under the watch of the mod team. They may have tried to stop it, but 8.5 million people is a lot. If they didn't think they could keep the place running without illegal things happening in the comment sections, they should have set the sub to private and put in proper pre-cautions first.
EDIT: This pump also occurred for GME and users in the GME thread were able to comment about it. None of these comments are removed and they exist in very large numbers. They are mostly heavily downvoted, but the fact they are able to stay up means the mods failed at their job.
Comment 1 Comment 2 Comment 3 Comment 4 Comment 5 Comment 6 Comment 7 Comment 8 Comment 9 Comment 10 Comment 11 The volume spikes do show an uptick in volume around
1PM and around
2PM, but they are not as strong as the AMC boost in volume. The volume during these times were high, but they weren't the highest points in the day for GME.
EDIT: I want to make it clear to people who are saying "those are just bot accounts." Bots are still controlled by humans. If bot spam cannot be caught and deleted, that means 8.5 million people are exposed to pump-and-dump schemes run by bots. It does not reflect any better on the mods if the comments are made by humans or made by bots controlled by humans. It is now a day later, and still none of the comments have been removed by a moderator or moderator bot.
UPDATE: Wall Street Bets has completely removed any post talking about ZJZ and his post about the head mods trying to engage in crypto scams and strange movie deals. (EDIT: This has changed, see above.) The rising sections is now completely filled low-effort, small text posts that are only pushing $GME. Here are those threads. Low-effort threads like these are explicitly against WSB rules. Why are mods letting rule-breaking, ticker spamming posts stay up?
Example 1 Example 2 Example 3 Example 4 Example 5 Example 6 WSB mods are banning users for mentioning ZJZ and his post. (EDIT: This has changed, see above.)
Mods Removing Negative GME Posts I started digging into this when I posted to Wall Street Bets with a post containing some information about GME. The post pushed back against some of the "GME revolutiuon" talking points. It was a pretty tame post, meet all the guidelines for posting, and contained enough content to warrant staying up. The post was removed by the mods, but you can still see it up
here. The content of the post was a combo of these two comments I made. This comment
here and this comment
here. Somebody in the comments recommended I make the contents of the comment into a separate post- which I did until it was removed.
The moderators removed this post, the removal states: "Moderators remove posts from feeds for a variety of reasons, including keeping communities safe, civil, and true to their purpose."
I sent a DM to the mods asking why exactly the post was removed. I have not been given a reply. Does the content of the post I made (
pt.1 /
pt.2) break any of their rules? Why would the mods remove a post containing that info?
Even worse, the exact contents of the post I made exist in comment form and are still up. If the info somehow breaks their rules, why leave it up in the comment section? Why haven't they removed the comments that contain the EXACT wording I used in my post?
It seems
very strange to me that a post I made that contained some research to counter act the "GME Revolution" narrative would be singled out removal for "keeping communities safe, civil, and true to their purpose."
The front-page of Wall Street Bets is FILLED will positive memes and DD that supports GME. There is not a single negative post about GME on the entire front page that I can find. Why not leave up some negative DD and let the community downvote/upvote it?
The mods will let the comment section of threads get filled up with misinformation (GME SI being 226% is a common one that is easily debunked, yet is posted every 5 min in daily threads). People are gambling their life savings on outdated information yet when I make a post to push back against some of the common GME arguments, it gets removed.
Mods removing negative GME posts is unethical because WSB mods own GME shares.
jamsi is a mod on WSB. They left this comment: "I just received this e-mail from Robinhood. I am no longer using Robinhood for any of my purchases. Only keeping my $GME - not selling."
Here is the comment. Swedish_Chef_Bork_x3 is a mod on WSB. They left this comment: "Another $2k locked and loaded to buy in tomorrow. Feels like fucking Helm’s Deep in here. I have tomorrow off work, gonna get drunk and hope I don’t sleep through my alarm.".
Here is the comment. rawbdor is listed as a mod under the Moderators section of Wall Street Bets. rawbdor posted a comment saying: "The price is going to plummet hard no matter what
we do. The real question is, will they be able to steal
our shares in the process. They can drop the price all they want on low volume. But they'll never be able to buy it back unless you sell it to them."
A link to that comment is
here.
This comment makes it pretty obvious that rawbdor owns some shares in GME, right? Saying things like
our shares implies they own some.
ITradeBaconFutures is also listed as a mod. They made it clear that "Mods did not trade GME". You can find that comment
here.
turdled is listed as a mod. They said, "We don't comment or promote trades. That's up to the subscribers and their upvotes/downvotes to decide."
View it here. One mod claims that mods don't trade GME, when its obvious from the three examples above that they did. Another says they don't comment or promote trades, which is also a lie. Other mods have been doing that. They also "promote" trades when they remove content that argues the other side of GME. If the only content they allow on the front-page is GME Positive content, they are promoting that content.
WSB has a mod team of
35 accounts moderating 8.5 million people. CNBC gets about 200k viewers at peak hours, while WSB has almost a million viewing it at a time when the market is open.
The mods could simply send me a DM and explain why my post was removed. They haven't. Market manipulation is bad. It's bad when investment firms do it and its bad when retail investors do it. The mods could DM me right now and say "Hey, here is the reason the post was removed." They haven't. If they do send me a DM, I will post an update here.
TL;DR Now-former WSB mod ZJZ, in a removed & locked post, accused dormant top mods of coming back to siphon media coverage, potential movie rights, and springboard a cryptocurrency, while suppressing other mods
Coldcutcombo69, a moderator on WSB, was posting comments and threads promoting AMC. A coordinated AMC pump happened in the daily threads and comments that this moderator (and others) were tasked with moderating. This mod was removed as a moderator after this thread was posted. Coldcutcombo69 held AMC stock before the pump, but it is unclear if they held or sold that stock around or after the time of the coordinated pump.
Today, several users, but no mods, in a discussion thread attempted to push buys of AMC at 1 & 2 PM EST. Those times would later coincide with high volumes of stock trades for the day. Similar coordination was attempted by users (no mods) for GME.
WSB's front page is filled with only positive coverage of GME
(here's a snapshot), while they removed my post containing negative GME DD with no legitimate reason given.
Mods are holding GME contradicting another high level mod's comment that "mods did not trade $GME". Mods made a false statement that they don't promote stocks, as one of them clearly did. You can also see the other mods comments about GME as also promoting stock.
Tervia's comment here has good info on Reddit moderation. submitted by brave_potato to gme_meltdown [link] [comments]
Why Dogecoin to $1 is Only a Matter of Time
Why Dogecoin to $1 is Only a Matter of Time
The Bubble
It’s February of 2021, and let’s be completely honest: We’re in a bubble. It’s kind of like 1999 but not the same. In 1999, interest rates were much higher. Today, they are nearly zero. In some countries, they are even negative. From a long-term perspective, this is very bad.
The Federal Reserve is completely to blame for this. Their policies are entirely reckless, and officials refuse to acknowledge what is going on here. The Coronavirus hysteria caused by the media and enabled by officials made the crash last summer the worst man-made disaster in the history of our financial system. The Great Depression was caused by over-speculation and a lack of regulation in an emerging financial system. The Great Recession was caused by greed and fraud (strangely, no one is in jail for this). This market collapse was caused by elected officials and the fed, who got trigger-happy and cut rates to zero back in the spring of 2020.
Whatever we wind up calling the burst of this bubble is to be determined. It will, however, be entirely manmade because the fed refuses to acknowledge the speculative behavior currently going on in SPACs, Cryptos, Penny Stocks, and anything else that serves as a legal Ponzi scheme for inflating the bubble. Even real, dividend-paying stocks have gotten way overvalued in some sectors. Also, since the fed has no plans of raising rates within the next two years (so they say for now, at least), if you’re searching for yield, you have nowhere else to look than the equities markets or one of these legalized forms of Ponzi schemes. It’s extremely unfair to conservative or retired investors looking for an honest return on their savings. This all is actually why it is a great time to look at Dogecoin, as I will get to in a moment. So long as rates are near zero, the bubble will continue to go on for longer and longer. And while it continues, people will constantly look for the next big thing.
For How Long?
Now, this may sound all doom and gloom, but that’s not my point. One day the bubble will burst, but I’m not making a prediction of when that will happen. Anyone making up dates for when the bubble will burst is either clueless or a con artist. No one knows when this bubble will burst. It could be weeks, months, or even years. One thing is for sure, the bubble will not burst just because things are overvalued. That’s not how bubbles work.
There needs to be a catalyst to burst the bubble. A major military conflict. An unexpected move or comment by the fed (raising rates, calling out the bubble for what it is, etc.). Another nationwide lockdown. I can go on with examples, but a little selloff here and there (August 2020) that causes the financial media to lose its mind is not enough. Just because you claim the bubble is bursting isn’t enough either. If you follow the media, you will get burned over and over again. That’s how it works. They want you to go to their sponsors for help, and once they burn you (sell you gold, overcharge you for poor investments, etc), you’ll come back to them hoping to figure things out. It’s a shell game. When the bubble burst, it will happen extremely fast and unexpectedly. There’s nothing wrong with playing the bubble, but you need to be mindful of when it ends because once the music stops, there will be a mad rush for the exits. You don’t want to be stuck holding the bag because everything will get crushed when the bubble burst. Even the blue-chip stocks that pay solid dividends will get hammered.
Fundamentals Don’t Matter (For Now)
In this bubble environment, fundamentals don’t make sense and, quite frankly, they don’t matter. You can argue back and forth all day long about whether something has a practical future or whether something is overvalued. I’m not here to do that about Dogecoin, Bitcoin, or any other crypto. The same could be said about Penny Stocks right now. (Hint: virtually all of these companies are way overvalued). You can find tons of articles of that nature, and I’m not likely to change your preconceived notions anyway. If we look at all the irrational bubbles that have occurred lately, you are a complete fool if you believe that TSLA or BTC is worth nearly a trillion dollars. It’s worth nowhere near that valuation.
How do I determine what something is worth, and who do I mean? It is called the market cap. In layman’s terms, that is where you take all the stock shares and multiply it by the share price. And I’m not recommending buying or selling TSLA or BTC, I’m just pointing out that these valuations are absurd. Does that mean they will not pass 1 trillion dollars? Of course not. There’s a very reasonable chance they do pass a $1 trillion market cap. That sounds absurd to write but it’s true. When the bubble bursts, you better believe fundamentals will be back in play. This disconnect can’t last forever. But it can go on for a while. And while it lasts, we all want to make some money
A Quick Word About ALL Cryptos
While I don’t believe Cryptocurrencies are going anywhere (as in, people will always buy and sell them), I also do not see any APPLICABLE future in them other than trading with other people. In fact, the biggest use I see of Cryptocurrencies is for illegal and untraceable transactions. The government will do all they can over the next several years to bring in lost tax revenue and track transactions better, but that’s the extent to which Cryptos will have relevance. How do I know this? Because the federal reserve, which is backed by the taxing authority of the US Government and the might of the US military, isn’t about to let some alternative currency usurp the US dollar. How do you think we can afford to provide all this government stimulus to fight Covid? If you think about this, you will see why other countries are much worse off. They must play by our rules, while we get to export our inflation to other countries because they must use the USD to buy commodities on the international exchanges (look at what happened when Saddam tried to circumvent this). If they print more money, their currency gets devalued. That’s why as bad as things look, relatively speaking, the US isn’t in terrible shape compared to the rest of the world.
If your financial future is so married to Bitcoin, ask yourself this: what happens if your account gets hacked? Who will you call? Who will make you whole again? If you have a brokerage account with legitimate stocks, there are regulations in place. There is the SIPC which protects again brokerage failure. With Bitcoin, you are completely gambling. This lack of regulation and lack of price stability means that there is no viable path to Bitcoin being a legitimate currency. Does it mean people can buy and sell it? Of course. But if you are in the cult of believing that Bitcoin is the future world reserve currency, you need to get your head examined.
Gold and Silver con artists have been trying for decades for people to get on this alternative currency train. At least gold and silver have some practical industrial applications. And hundreds of years of history on its side. Crypto isn’t anything but something people agree upon as having value. Why do I point this out? Because the one thing you need to do is separate yourself from what you think you know about Crypto and Blockchain, etc. While it all sounds cool and revolutionary, it really doesn’t matter. The US government could easily create their own form of Crypto that gives them more control. The decentralized part just doesn’t jive with our current global hegemony. If you don’t understand this, you should think more and read less. Once you accept this, you can start to see all Crypto as fundamentally worth the same: virtually nothing. The technicals, however, are why we want to look at Dogecoin.
Relative Valuation of Dogecoin
Now that you understand a little more background into where we are, I believe Dogecoin is extremely undervalued. Why? It’s simple. Relative valuation. This is one of the easiest and most efficient ways to compare investments. Ok, so maybe this isn’t really investing anymore; it’s gambling. Still, we can apply the same concept. Imagine two companies: they are in the same industry and have similar margins, earnings, growth prospects, etc. One company is valued at $50 billion and costs $120 per share, and one is valued at $85 billion and costs $80 per share. Which one would you invest in? Of course, you would invest in the one that is worth $50 billion at $120 per share. The cost per share means absolutely nothing. It is psychological.
Now, you say Dogecoin isn’t on par with Bitcoin and that where I’m going with this isn’t a fair comparison. Go back and read the last section. That’s why I wrote about the practical applications of Cryptocurrencies in general. None of that matters. The only thing that matters is the general sentiments shared by people that buy and believe in Cryptocurrency. So, let’s look at the current valuations:
Bitcoin – Price $40,500, Market Cap $755B (estimated as of 2-6-21)
Dogecoin – Price $.05, Market Cap $4.4B (estimated as of 2-6-21)
(Source: Yahoo Finance)
Now, I’m not saying Dogecoin is worth what Bitcoin is. I’m not even saying it's worth half or a third of Bitcoin. Who really knows? No one does. You certainly cannot say for certain that one is better than another. One is more “established” and has more name recognition. What I am saying is this: if Dogecoin goes to $1, it will have a market cap of just over $85 billion. Even at Bitcoin’s current market cap, that’s just over 1/10 of its value. And that isn’t even pricing in more appreciation of Bitcoin’s value over time. This means I see tons of room for Dogecoin to run. (I know some will mention dilution via minting of new coins, but that’s another discussion and not entirely relevant to the points I am trying to make in this piece.)
Could Dogecoin match Bitcoin? That sounds absurd, but let’s look just for fun: if Dogecoin were to have the same market cap as Bitcoin, that means it would have a current price of $8.55. So, what am I saying here? You must know the range of possibilities (within reason, if that even exists anymore) before you start thinking about price targets. To say Dogecoin is going to $100 is just absurd; things need to be put in the proper context.
Why Dogecoin?
Using relative valuation, I believe you could make a case for any Crypto. Will they all run to Bitcoin’s level? Of course not. The last question is why Dogecoin? This is the most important one that we have to answer before deciding on buying Dogecoin. The answer is simple: hype and name recognition. If I look at the most valuable cryptocurrencies by market cap, Dogecoin is number 12. I have taken an informal survey of probably 100 people over the last two weeks. I showed them the top 15 Cryptocurrencies by market cap to see which they were familiar with: Stellar, Binance Coin, Cardano, Polkadot, XRP . . . almost all of these were completely unheard of. But, somehow, they have valuations of 2-3 times Dogecoin.
Dogecoin has a few things going for it. First, hype. Elon Musk and many other prominent celebrities are pilling in. Mark Cuban has said he’d buy it over a lottery ticket. That alone can help aid a very quick lift off. Second, the name Dogecoin is very easy to remember and a trendy thing. What the heck is Cardano anyway? XRP? I mistakenly called it XPR before I edited this piece. And if you are still hung up on the practical use of Dogecoin or other Cryptos, you are missing the point of this piece entirely. Look at the story behind Bitcoin. An anonymous person online created a decentralized platform for money movement or something like that. What? How in the world did that idea ever take traction? It’s just like people online arguing over which Penny Stock is the next big thing. Neither person is right, but the perception is really all that matters.
Third, stimulus checks will be hitting within weeks or months. This naturally promotes price inflation when people have more dollars chasing few goods. People will inevitably pile into whatever they think is the next great thing. Dogecoin has momentum right now. And this brings me to number four.
Fourth, and perhaps most importantly, FOMO is very powerful right now. There are people all over the world that know people who have won big money in this bubble. Penny stocks, GameStop, Bitcoin, and many others that you can name. How many people do you personally know that have won big in the lottery? Probably none. This is a unique time in history. People have won big in this market and are looking for the next thing.
Dogecoin is something that could pick up steam quickly. It could blow up overnight. It may not, and that is the risk you take. At the end of the day, it’s just money that you can always make more of. Life-changing money is worth the risk when you find the right risk-reward ratio.
Do your due diligence, but also think ahead to a scenario that you could imagine. Would you be that surprised if Dogecoin reached $1? And if it did, would you be surprised if it started running towards multiple dollars? $1 is a psychological number that typically leads to a further breakout. The current market cap suggests this is all very possible. Now imagine getting in at four or five cents.
Disclosure: Long Dogecoin with Diamond Hands. No positions in any other things mentioned. -BJ
submitted by brayjones1985 to dogecoin [link] [comments]
The True Inherent Value Of Crypto (i.e. Crimebux)
For the record, I agree that butts/crypto are about 85%+ hot air speculation, but I do think there is some real objective "value" (if you can call it that) given to crypto, since it's clearly used as a tool of "regulatory arbitrage". This is a polite way of saying that crypto is only really useful as crimebux (i.e. scamming, evading capital controls, money-laundering, ransomware, gambling, the purchase of dark-market illicit goods etc...) .
Now, obviously, criminals have a significant incentive to obfuscate their transactions as much as possible, so the extent to which crypto is used as part of various illicit networks in order to smuggle value is likely much greater than what any "on-chain" official record would show. For example, the long-time anti-butter twitter user Trolly has
hypothesized that Tether is being used by wealthy individuals in China to dodge capital controls imposed by the Chinese government. There has also been
acknowledgement from official sources that this is likely occurring.
I think when you step-back and consider the crypto market as a whole, it's pretty clear what "objective" value it really provides as such. Relative to major mainstream markets, crypto is extremely unregulated (and what official regulation does exist is fairly ineffective and easy to circumvent). Therefore, due to this extreme lack of regulation, it is possible to engage in black/grey market activity in the crypto-sphere that it is simply impossible--or at the very least much more difficult--to carry out in any kind of broadly legitimate, regulated market. It is, of course, difficult to know in crypto where the greater fool (but not yet illegal) speculation/market-manipulation ends and the crime/money-laundering/tax-evasion begins, and that's kind of the point.
When butters say that crypto is "decentralized" what they really mean is that various governments have difficulty regulating it due to its international, constantly-changing, and multi-faceted nature. "Decentralization" in this context has nothing to do with the distribution and concentration of hashing power, governance, or token supply. Rather, what is really "decentralized" is the interlocking web of shady actors (Tether, the exchanges, individual whales, social-media shills, and the masses of effectively anonymous traders etc...) which all contribute in some way to the crypto-space, yet responsibility for the criminal activity enabled by this so-called "market" is sufficiently decentralized such that it is difficult to hold any of the major players legally accountable.
Of course, none of this is to say that regulating crypto is
literally impossible. Governments will probably get around to it eventually in a serious way, and are already
starting to do so. However, it will likely take some time, as the law moves slowly in such cases, and legal-authorities/governments always have greater concerns they must attend to. Also, crypto-firms obviously shop around for legal jurisdiction, and rival states (Russia/China/Iran/North Korea etc...) might very well be trying to
weaponize crypto as a revenue stream of hard currency, as well as a tool for dodging sanctions.
Ultimately, I don't think it matters all that much how many tethers/butts there are in circulation at any given time, or what the "market cap" supposedly is. That's all window dressing--essentially arbitrary numbers on a screen, which can easily be changed by the various cartels, whales, and power-brokers behind the scenes to produce the desired result. The real use-case behind crypto is that the crypto-sphere is a *uniquely* deregulated digital "market" that can be utilized for all manner of crime and shady activity. Which is to say, it's basically a massive digital version of Walter White's car wash from
Breaking Bad.
submitted by SpecialTurnip3 to Buttcoin [link] [comments]
Taxes while using Roobet in the US
I’m not sure if this has been posted yet, however I live in the US and need to use a VPN in order to play roobet. Let’s say I start with $100 and get $2000 and decide to cash out. When tax season comes am I expected to pay taxes on the $2000 gained? Is it illegal and will the IRS find out I made my money through illegal online gambling or does the cryptocurrency keep everything disclosed? Sorry if these are dumb questions, I just really want to play roobet but I’m worried since it’s not allowed in the US. Has anyone delt with taxes regarding their roobet cash out income?
submitted by CoolFlower13 to Roobet [link] [comments]
Who is the actual inventor of Bitcoin?(and other ramblings)
Apparently it's some "pseudonym", and everyone just accepts that.
Does anyone have any legit theories on who the inventors are? I find it hard to believe this was invented by one guy. My theory is that some Central Banks created it, possibly through an organization like the Bank for International Settlements.
For some reason there is this false notion that Central Banks hate crypto currency, or that they hate bitcoin. It's really not true... they've been planning to completely replace the financial system with Cryptocurrencies. For Central Banks, Governments, and the financial sector, having the ability to earmark, and track currency is a massive advantage.
Central Banks envision cryptocurrencies that have the ability to be "earmarked", or only used for certain things.
Want to(as a country) donate money to Sudan, but scared it will fall into warlords' hands? Problem solved. You give the government crypto marked to only be used on essentials. And you can track the crypto to see how it was used.
Same thing on a microeconomic level. Government wants to give aid/subsidies to poor people. But they don't want them to buy crack cocaine with it. So, they get crypto earmarked for only food, or essentials. And, if someone makes a business of taking all of this earmarked crypto, and exchanging it for non earmarked... they'll get caught, because it's all on the permanent blockchain record, and would be easy to pick up with monitoring programs.
I really want to get into bitcoin at some point. But my fear is that one day Central Banks in unison are going to announce their rival cryptos. And Bitcoin will collapse into irrelevancy... only becoming relevant for people doing illegal things, and investors who want to gamble.
I think Bitcoin's days are numbered. It is going to be seen as a dinosaur... a pioneer, but outdated. It'll still be useful in illegal markets... but once it loses its mainstream appeal(as it gets overtaken by more mainstream, bank/government backed cryptos), its value and use will plummit.
I also fear that once these "legitimate" currencies pop up, there will no longer be a reason to keep Bitcoin around. It served its purpose, and made everyone trust a completely cashless system, based on 1's and 0's. I think once the Central Banks' real, new tech cryptos come out, Bitcoin may be relegated to the history books.
submitted by saturatethethermal to Bitcoin [link] [comments]
US/Canada based "gambling site"
I'm currently working on a game that uses virtual currency (100% worthless, not cryptocurrency) and has gambling like features (50/50 betting, box openings, random items, etc). Virtual currency is not purchasable directly. Users can pay for a membership which gives a small fixed amount of virtual currency daily.Is there any legality on this I need to be aware of? I know gambling real currency is illegal, cryptocurrency is a gray area, but I haven't seen much on virtual currency from looking around. Does the possibility of people under 18 playing become an issue even though its virtual currency?Servers are planned to be hosted in Canada/Quebec, operated from the US/North Carolina.
submitted by EudeDev to legaladvice [link] [comments]
The New DeFi Ecosystem Promises To Be "More Efficient" Than Established Competitors
| BITCHAINNET is a Crypto Exchange Platform: To stay ahead of the trend and meet the demand for cryptocurrency exchanges, BITCHAINNET was established to support traders. With advanced technology and the ability to process 50,000 transactions per second; promises to become the most potential exchange in the future. The exchange will focus on many services such as lending, escrow, escrow, Dex. Always safe, secure and powerful performance! The Exchange has the most competitive transaction fees. In particular, BITCHAINNET issues its own Token to support transaction fees and serve BITCHAINNET’s ecosystem networks! ETH’s ERC20 platform will bring many benefits to customers Next ecosystem: online betting game: BITCHAINNET cooperates with many game channels in famous countries such as Las Vegas, MGM grand, betting networks like baccarat, poker, etc; will bring great experience great for customers! https://preview.redd.it/1n96by7kuod61.png?width=1280&format=png&auto=webp&s=968b67e84db486576c0e77301224f20bb7591dfa BITCHAINNET Highlighted Features. BITCHAINNET is a full-featured exchange for major digital and crypto assets, including Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, Monero and more. We have a variety of order types to help traders take advantage of every scenario to make a profit. BITCHAINNET provides a list of trading orders with the easiest liquidity, allowing users to easily trade digital assets. With advanced technology and the ability to process fifty thousand transactions per second; promises to become the most potential exchange in the future. The exchange will focus on many services such as lending, margin, decentralized trading, etc. In addition, BITCHAINNET also publishes attractive ecosystems to increase customers’ profits, such as: online gambling games, online casino, games, etc. Will bring a great customer experience! BITCHAINNET offers users a wide variety of order types to give traders the tools they need for any situation. Discover more about order types with our most advanced algorithms. Connecting the success of many Binary Option exchanges, BITCHAINNET has aggressively launched a Binary Option product that competes directly with other Binary Option platforms. Based on the ups and downs of the stock market, cryptocurrency! To make a profit in a certain period of time Especially with AI BOT, specializing in analyzing data from the market to support the most effective safety signal to bring daily profits to customers! BITCHAINNET’s high precision AI BOT will be the first choice for your safe, transparent and efficient capital flow. Security of user information as well as funding is our top priority. Learn more about our security features and integrations. In order to increase profit and reduce transaction costs of customers, BITCHAINNET issues internal currency BNCT Token, on the ERC20 platform. Besides, BNCT is oriented to be a common currency for the ecosystems developed by BITCHAINNET. https://preview.redd.it/fjuao1qsuod61.png?width=1280&format=png&auto=webp&s=dce672b7384b7ba38b89d53c18cf0e8198b8359e Our responsibility We are committed to complying with all regulations that help prevent, detect and correct illegal behavior of customers and developers of digital assets using the BITCHAINNET exchange or any other services. At BITCHAINNET we understand the importance of a customer support system. In order to create the best conditions and support for our customers, our professional Customer Care team is equipped with both Chat Bot and Live Chat systems to support all traders 24/7 in the fastest and most accurate way. To learn more about BITCHAINNET, please visit https://bitchainnet.co BITCHAINNET — The Top Choices submitted by BestSEOTeam38 to u/BestSEOTeam38 [link] [comments] |
FATF recommends considering privacy coin and unhosted wallet as red flag.
https://www.fatf-gafi.org/publications/fatfrecommendations/documents/virtual-assets-red-flag-indicators.html Red Flag Indicators Related to Anonymity
- This set of indicators draws from the inherent characteristics and vulnerabilities associated with the underlying technology of VAs. The various technological features below increase anonymity and add hurdles to the detection of criminal activity by LEAs. These factors make VAs attractive to criminals looking to disguise or store their funds. Nevertheless, the mere presence of these features in an activity does not automatically suggest an illicit transaction. For example, the use of a hardware or paper wallet may be legitimate as a way to secure VAs against thefts. Again, the presence of these indicators should be considered in the context of other characteristics about the customer and relationship, or a logical business explanation.
Transactions by a customer involving more than one type of VA, despite additional transaction fees, and especially those VAs that provide higher anonymity, such as anonymity-enhanced cryptocurrency (AEC) or privacy coins.
Moving a VA that operates on a public, transparent blockchain, such as Bitcoin, to a centralised exchange and then immediately trading it for an AEC or privacy coin.
Customers that operate as an unregistered/unlicensed VASP on peer-to-peer (P2P) exchange websites, particularly when there are concerns that the customers handle huge amount of VA transfers on its customer’s behalf, and charge higher fees to its customer than transmission services offered by other exchanges. Use of bank accounts to facilitate these P2P transactions.
Abnormal transactional activity (level and volume) of VAs cashed out at exchanges from P2P platform-associated wallets with no logical business explanation.
VAs transferred to or from wallets that show previous patterns of activity associated with the use of VASPs that operate mixing or tumbling services or P2P platforms.
Transactions making use of mixing and tumbling services, suggesting an intent to obscure the flow of illicit funds between known wallet addresses and darknet marketplaces.
Funds deposited or withdrawn from a VA address or wallet with direct and indirect exposure links to known suspicious sources, including darknet marketplaces, mixing/tumbling services, questionable gambling sites, illegal activities (e.g. ransomware) and/or theft reports.
The use of decentralised/unhosted, hardware or paper wallets to transport VAs across borders.
Users entering the VASP platform having registered their Internet domain names through proxies or using domain name registrars (DNS) that suppress or redact the owners of the domain names.
Users entering the VASP platform using an IP address associated with a darknet or other similar software that allows anonymous communication, including encrypted emails and VPNs. Transactions between partners using various anonymous encrypted communication means (e.g. forums, chats, mobile applications, online games, etc.) instead of a VASP.
A large number of seemingly unrelated VA wallets controlled from the same IP-address (or MAC-address), which may involve the use of shell wallets registered to different users to conceal their relation to each other.
Use of VAs whose design is not adequately documented, or that are linked to possible fraud or other tools aimed at implementing fraudulent schemes, such as Ponzi schemes.
Receiving funds from or sending funds to VASPs whose CDD or know-your- customer (KYC) processes are demonstrably weak or non-existent.
Using VA ATMs/kiosks – o despite the higher transaction fees and including those commonly used by mules or scam victims; or o in high-risk locations where increased criminal activities occur. A single use of an ATM/kiosk is not enough in and of itself to constitute a red flag, but would if it was coupled with the machine being in a high-risk area, or was used for repeated small transactions (or other additional factors).
submitted by subarun7 to Monero [link] [comments]
Evolution of Casino
| Casino games have evolved from time to time and faced many legal objections in various countries. The actual casino history began in Europe with the first legal gambling establishment opened in Venice in 1638. The first casino was named Il Ridotto. In the early period of casinos, only privileged people were allowed to enter the gambling establishment. Il Ridotto was profitable to the state because it paid high taxes on its activities. Simultaneously, the church developed a negative outlook towards this variety of entertainment and forced the state to make gambling illegal. Due to these laws and other related reasons, the first official casino in the world, Il Ridotto, was shut down. In 1765, Casinos began to spread rapidly outside Italy and reached its neighbor France. The first casino establishment opened in this country was, of course, in its capital – Paris. At the beginning of the 18th century, casinos were opened for the elite class in other European countries. The opportunity to earn suitable money attracted more players. This way, the fame of the casino expanded like wildfire. At the end of the 19th century and the beginning of the 20th century, Monaco became famous for casinos. However, after some time passed, gambling businesses tremendously shifted to the capital of gambling – Las Vegas in the USA. Eventually, these centralized establishments robbed most casinos enthusiastic by clearing their pockets. Cybercrimes such as fraud, data thefts, hacking, and password leaks are continuously growing on current centralized platforms, thus leaving players in the depths of bankruptcy. Casino games have evolved with advanced technology in the 21 century. Decentralized applications/ dApps are emerging as the revolutionary technology that is changing how people interact and do business with each other. With the wide use of Smart Contracts, blockchain technology is touching almost every industry and Online Crypto Gaming Platform The fusion of advanced blockchain technology with online casino gaming is transforming the casino industry. Supraorbs an autonomous platform specially designed for gamers or people who love casino games like Slot Machines, Roulette, and Blackjack. Supraorbs is a game-changing decentralized application that offers players to enjoy casino games and win enormous profits in exponential ways. The growing worldwide adoption of smartphones and friendly access to casino gaming platforms is currently driving the market. The players control their data and maintain the records' privacy without risking their essential details. Supraorbs uses ORBT tokens that can be exchanged with any cryptocurrency exchange. Thus, Supraorbs is the necessity of the modern digitized world, where the cryptocurrency users can harvest the benefit of Artificial intelligence and blockchain technology by depositing their DHFT, BTC, ETH & USDT into ORBT cryptocurrency, which runs this online casino game application. Furthermore, earn monthly and yearly profits that you can't even imagine by obtaining gems and relics. Great gamification of casino games, integrated with the Ethereum Decentralized finance model, shifted the power from centralization to decentralization. Supraorbs is embedded with exciting casino games providing the same adrenaline and backed by the most trusted technology ever witnessed to humankind. This decentralized platform is programmed to benefit you for just purchasing ORBT cryptocurrency and keeps you an Ultimate Champion. submitted by supraorbs to u/supraorbs [link] [comments] |
MyChargeBack Says Fraudsters Are Moving To Bitcoin From Credit Cards
Micheal Cohen stands as the Vice President of Global Operations at MyChargeBack, a consumer protection company. Cohen had given comment in regard to how fraudsters are taking advantage of crypto transactions, particularly their irreversible nature.
At its first envisioning, one of the key selling points of Bitcoin was how it would protect retailers even more than credit cards could. Satoshi Nakamoto, the enigmatic founder of Bitcoin, gave a comeback to an early adopter’s complaint on an email on the 10th of October, 2008. The adopter, James A. Donald, complained that Bitcoin transactions weren’t instantaneously final.
Its Greatest Strength Being Turned To Weakness
In response, Satoshi highlighted the fact that paper checks can bounce following one or two weeks, with credit card transactions being capable of being contested for up to 60 to even 180 days after the fact. Bitcoin, Satoshi points out, is irreversible enough only after a few hours.
Cohen highlighted that, in some cases, a chargeback for credit cards are possible a full 18 months after the transaction was made. He further highlighted the two types of classification of credit card chargebacks: Unauthorized Use, and Authorized Use. Unauthorized, for example, is when a criminal illegally gains access to one’s credit card. Authorized, in turn, means when the cardholder themselves authorized the transaction, but they’re not satisfied with the outcome.
Cohen highlighted how, when it comes to crypto, consumers are only capable of recovering funds, should it be an unauthorized transaction. This is due to how credit companies, such as Visa or MasterCard, explicitly exclude certain industries from the authorized use category, such as gambling or crypto.
Crypto Scammers Are Like Grass In A Field
Much to Cohen’s dismay, he highlighted how crypto serves as such a convenient tool for scammers to collect funds, which are subsequently harming the mass adoption of cryptocurrencies. Cohen put it simply, highlighting that these people that got scammed through the use of crypto fraudsters, won’t be the ones that will promote the usage of cryptocurrency to others.
One of the most used tactics for these fraudsters, according to Cohen, is the offering of various services and products, typically related to forex trading. This is generally offered to an unsuspecting customer. At the last moment, the scammer eventually convinces the unsuspecting victim to pay for the service, or otherwise fund their new account by way of crypto.
Some Sliver Of Hope
Luckily for these victims, Cohen highlighted how not all hope should be lost. His company helps victims by identifying scammers, doing so by way of tracking the money movement in the blockchain. Typically, criminals opt to move to an exchange to cash out their crypto, and Cohen highlighted that many exchanges are quite eager to stamp these criminals out.
submitted by cryptoanalyticatech to Bitcoin [link] [comments]
Best Offshore Hosting in 2021 - The fight For the Best Hosting Around!
Offshore hosting has to offer a lot to businesses and individuals that have their own reasons to look for anonymous web hosting and stay hidden as much as possible from their governments eyes.
The offshore web hosting has started to gain traction just in the recent years with webmasters and website owners looking for their privacy rights being rekt by the Big Brother eyes. To answer the question of which offshore web hosts are trust worth, ask yourself these questions:
- Does the hosting provider ignore DMCA? - How does the provider stack up in terms of privacy? - Does it offer anonymous payment options? - Do its services / hosting plans justify the price tag?
Of course these are just some of the questions which should lead you to the right decision, they're a good way to filter out the bad offshore hosting providers that can't provide the suitable offshore features.
Exploring our top offshore hosting list, and read our worth trust in-depth technical expert and their consumers reviews to find the best offshore hosting solution that will suits YOUR website needs.
What is Offshore Hosting? Offshore Hosting is the hosting of your website in location outside of your region or country of origin. This gives big layer of privacy protection and bypasses local laws and regulations due to the fact that in the offshore hosting location your activity is completely legal.
Why do You Need Offshore Web Hosting? If you care for your online privacy and you want to remain anonymous, offshore web hosting can be the ideal solution for you. Many offshore web hosts offer anonymous fiat payments or of course cryptocurrency based payments such as Bitcoin/Monero/Beam/zCash which are difficult to impossible to track.
Your local laws or government can limit what you say, see and show on the internet. Hosting your website on offshore countries with freedom of speech and high privacy protection will free you from legal barriers of the onshore hosting.
Activities which are considered illegal in your country, like gambling, are completely legal in other countries. Offshore hostings are ideal and the only solution to legally host gambling platform and keep you away from local legal troubles.
And of course the most important one, the DMCA ( Digital Millennium Copyright Act) which is an American law existing to protect content creators. If you are streaming, selling or using pirated materials, the content creator can send to your web hosting provider a DMCA takedown notice with which is asking them to remove your website.
So What are the Benefits of Offshore Web Hosting? - You can avoid government and legal issues of your local country for activities such as pirated content streaming or sharing. - You can pay completely anonymous. Cryptocurrencies are widely accepted by most of the offshore hosting providers. - You have freedom of speech and you can speak your mind!
Choosing the
Best Offshore Hosting Provider - Mission Possible!
By now you should have a better knowledge about offshore hosting, it's time to find the best offshore web hosting for you. With the right offshore host company, the sky's NOT the limit for you, your anonymity and activity. You can always read our unfiltered users reviews and pick the hosting provider that suits you the most today!
Our in-house web experts have test the best offshore hosting providers and you can read their feedbacks
HERE!
Which is YOUR trustworth offshore hosting provider? Leave a comment below!
submitted by BestHostingTalk to BestHostingTalk [link] [comments]
ELI5: Start to Finish Guide on how to buy Bitcoin, load it into a website (of your choice), how to cash out, how to convert back to money in bank account.
I know I’m asking for a lot here - just going on a whim because apparently I’m just an idiot with cryptocurrency. I’ve tried twice to open a wallet and get bitcoin and one way or another I got lost in the process. I learn best after walking through steps once...I live in Texas where gambling is illegal so I figured using Bitcoin on a website like Bovada would be a legal alternative? Please provide details from which website you purchase your Bitcoin from, where/how you store it, how to load into the website, how to retrieve your winnings and convert back to money I can load into my bank account. Please use specific verbiage - you can talk to me like I’m a dumbass because I absolutely am a dumbass with this stuff.
I would be eternally grateful!
Edit: Figured it out! Thanks guys. 🥰 lost my first $25 deposit - I’m a real high roller I know. 😹
submitted by ImAfraidOfTheBeard to onlinegambling [link] [comments]
What's everyone's opinion on the same gang of players you know as Chipotle addict and Papa Gates .. Awesemo.. etc
Aside from wanting to win and I don't blame the guy he's obviously well he and his brother along with some friends have obviously figured out a way to regularly win million-dollar pots every year between the two of them at least one of them wins most years. Same winning possible antics as he has done for the 'PapaGates' who happens to be 0.22 points lower pts w the exact same score.
On screenshot and his real life blood brother. **let it be known I feel like this is less important than being able to take all of Papa Gates and Chipotle's entries and come up with different combinations for each one still don't see the benefit from at least my brain's not processing of having the exact same lineup unless you just have one hell of a set of steel balls.
https://ibb.co/7nnjBCm Call it a coincidence if you want..but they all paid $2,500 each for Mason plumlee {sigh} I don't think anything the man or his brother etc are doing anything illegal I think this is more of a "If a regular player like me is noticing it I know other people are also noticing it and strictly that's just going to limit confidence in the average player therefore I once saw DraftKings being a huge company and I thought the initial stock offering was way undervaluation.
I honestly do not think gambling on sports is ready yet. Of course if you're determined to do something, of course you can do it even if you live in certain states And use DraftKings book. I would just definitely wait until Bitcoin and use cryptocurrencies make it to where these companies can pay you the day of your winnings instead of instantly taking deposits but at taking everything but a three-legged race and most not all, most, again not all online sportsbooks. I'm talking to you bovada I'm talking to you
Cool how they all chose Plumber for $2500.
submitted by ChadisTall to dfsports [link] [comments]
Cryptocurrencies and Money Laundering: To What Extent They Are Actually Connected ( part 2)
| https://preview.redd.it/rwfzet5fu2u51.jpg?width=1024&format=pjpg&auto=webp&s=f27873c32c2c5435ae7ed7d51f8abf47152073bf Cryptocurrencies are ill suited to money laundering As a tool for money laundering, cryptocurrencies are a lot less universal and convenient than bank payments and cash. Unlike cash transactions and bank transfers, transactions in decentralized blockchains are easily traceable. Cryptocurrencies are transparent in nature — all transactions are recorded and publicly accessible. If you can accumulate considerable volume of data, you can determine who's behind a bitcoin address used for money laundering. Besides, you cannot use the ВТС network and other cryptocurrency networks to transfer a large amount of money — such a transaction would be immediately brought to attention of law enforcement. The experience of fighting against the Darknet (the illegal Internet) shows that states can fight against cyber crime while anonymity of cryptocurrencies is greatly exaggerated. Legal cryptocurrency platforms have demonstrated a long-standing trend of using KYC principles (provision of complete information about a user) — exchanging currencies anonymously is getting harder. Special services can connect transactions to specific users, sometimes using the blockchain technology itself to do it. Super anonymous coins that encrypt transaction data (Monero, Dash, ZCash and others) cannot save criminals either — there are methods that can be used to break down these transactions. However, some experts state that cryptocurrency technologies evolve really fast and will soon become completely untraceable. In any case, to withdraw cryptocurrencies and turn them into fiat money, you would have to “burn” your actual bank accounts, thus reducing the entire anonymity level. It is often mentioned that criminals use the so-called “mixers” — software and services where transactions can be run by mixing your coins and coins owned by other users to maintain confidentiality. It allows you to hide your withdrawal data and addresses, as well as your real identities. However, according to the above mentioned Chainalysis report, most users prefer to use mixers to ensure confidentiality and not to conduct illegal activity. This method is only used to launder 8 % of all money passing through. Moreover, special services can track transactions passing through mixers which makes them suspicious by default. This is why criminals are not overenthusiastic to use them — cash and banks are more secure. As you can see, cryptocurrencies are not all that convenient for criminals though it may seem so. They are an excessive intermediate since actual laundering requires cashing out and it's getting harder to do so anonymously by the day. Banks are the key “laundromats” of the criminal underworld Let's turn to the best part now. Criminals launder most money via regulated banks seen as ideal by the states. They can annually launder up to $ 2 trln. Think about it: trillions of dollars laundered through the banks. Many of the world's biggest banks have been involved in money laundering schemes and fined for this. For instance, Wells Fargo, J. P. Morgan Chase & Co and the Bank of America, Standard Chartered and others. Last year, it turned out that Citigroup, Deutsche Bank and Raiffeisen had helped criminals launder $ 8.8 bln over a period of 7 years. It's only three bank conglomerates seen as strongholds of honesty and security. Imagine how much money has been laundered via other banks, including “shadow” banks. In 2019, various companies around the world were fined for being involved in money laundering schemes worth of the record $ 8.14 bln. It's twice as much as in 2018. Two thirds of the fines were attributed to banks — $ 6.2 bln, and 17% — to gaming and gambling organizations. The best joke is that these fines are a drop in the ocean for the banks while money laundering cannot be undone. According to the August report by the Mexican Finance Intelligence Unit, local criminals still prefer to launder money using conventional financial institutions, mostly banks, as well as brokerage firms and exchange companies. Seven biggest and most regulated Mexican banks that control 80 % of all assets in the national financial sector run the biggest number of transactions with black money (no specific amounts are given). Moreover, Mexican banks have long been known to deal with activities of this kind. In 2012, one of them — HSBC — paid a record $ 1.92 bln in fines to the US authorities after the Mexican and Columbian drug cartels were caught using this bank for laundering drug-related money. A short time ago, the international payment system SWIFT used by all of the world's banks published a report drafted in partnership with the financial research firm Bae Systems. The report noted that cryptocurrencies are rarely used for money laundering — with criminals preferring the more conventional ways. These include: using the so-called “money mules” — intermediaries who allow to use their accounts for transferring illegal money; hacking bank accounts, bribing bank officials, using shell companies and casinos. The report also lists examples of laundering big amounts of money using cryptocurrencies while also noting that only few cases have been registered. These include use of intermediaries, prepaid crypto cards, purchase of physical assets, such as real estate or expensive cards, for cryptocurrency. Cryptocurrencies do not launder money — they fight against money laundering As you can see, while cryptocurrencies can be used for money laundering, they are ill suited to this purpose. Moreover, they actually work the other way around by increasing transparency, security and speed of payment transactions and giving users more independence. Coins like UMI are building an alternative financial system accessible to anyone, not a shadow market for laundering illegal money. The fact is that today 99 % of laundered money passes through other channels, not cryptocurrencies. Criminals still prefer using fiat money for this purpose. Banking institution are their key accomplices, and the amounts of money they hide outmatches the overall capitalization of the cryptocurrency market. However, no one is threatening to prohibit banks. At the same time, we hear all the time that cryptocurrencies should be banned or strictly regulated. Unfortunately, financial regulators and law enforcement agencies all over the world are sometimes obsessed with the idea of putting spokes in wheels for the usual people who use cryptocurrencies while also allowing bankers to launder trillions of dollars. Isn't it ironic? UMI is fighting against this state of affairs. We're building a new, alternative and completely transparent financial system where any person on the globe can generate digital money and make instant, fast and free-of-charge payments. To sum up, don't trust the negative publicity for cryptocurrencies Trust the facts. The negative publicity is mostly generated by people who are not happy that the existing financial system based on banks is gradually become a thing of the past while cryptocurrencies are growing rapidly. At any rate, the key point is that decentralized cryptocurrencies which belong to users from across the world cannot be banned, even from the technical point of view. Thus, there's nothing to fear and progress cannot be stopped. Sincerely yours, UMI Team! submitted by UMITop to u/UMITop [link] [comments] |
DD: Predicting a Stock Leap
I wanted to share my thoughts on why I think we've been seeing these recent huge gains and a possible way to capitalize on them.
The Motivation I too am trying to become a rich fellow autist, just like you. Usually, I'm late to the meme stock party and miss out on profits. So, I thought to myself "If I can think of the similarities between these companies, maybe I can beat the crowd and make some real
wsb front page worthy shit."
hopefully as gains The Baseline Stock As my first stock of analysis, of course, I took the latest meme stock $SPCE, Virgin Galactic. Founder Richard Branson is a multi-billionaire with the proper financial backings to make a company huge. But, I figured that is not enough drive for even the newest of new investors to buy calls/shares in the masses and the stock price to soar. With a quick background check, you could find that Branson tried sending tourists to space back in 2008.
[ref] He even said he had over 250 people prepaid for $200,000 each. If that happened today, the stock would have probably rocketed to another dimension.
Even better, the market $SPCE is entering isn't controlled by a single company, leaving room for huge growth and a market with gigantic potential. Fox already reported this hype that the space market is projected to reach upwards of $1 trillion. This was even before Virgin Galactic took off in December, albeit this market cap projection included weather, Wi-Fi, shipping and logistics, television and radio rely on satellite-based services.
[ref] This could be a factor.
Past Trends Analysis It seems, especially nowadays,
hype drives certain stocks through the roof. Even the slight thought of a company having a massive market cap leads to a huge response from investors. No news becomes good news for the company and good news creates huge share volumes. Most recently, $SPCE and $TSLA bulled their way to daily gains at unimaginable rates without much concrete news. Some meme stocks mentioned here do well ($AMD, $MSFT), those <10% daily gains have some premise, having solid financials to back it up. But, they do not demonstrate extreme leaps like $SPCE who hasn't even made a penny (since I'm Canadian, I should say a Nickel instead). To strengthen my original reasoning, I needed to think of other stocks that had this situation. Then, it all started to come together...
- $SPCE - Sub-orbital tourism/travel. +320% in 2 1/2 months
- $TSLA - The BEV vehicle with a bonus of technology and renewable energy market? Close enough of a guess, but who cares because it went +270% in 4 months
- $ACBRIP - Legal weed hype. Canada legalizing marijuana. +376% in just over 2 months
- $BYND - Vegetarian "meat" market. Blew up +255% in merely 2 1/2 months
- $NFLX - Online mass video streaming market. +114% in 6 months
- Though this is not a stock, Bitcoin investments when it was seemingly the first kind of major form of cryptocurrency was insane. +2,390% in 1 year. I'd call this an outlier but I don't know anything about the market so maybe another will happen.
This is a list of stocks I can think of, irrelevant of their revenue, that showed the best of best short term gains and all had that similarity.
Ahead of the Party If I want to get ahead of these parties I need to pick the $BYND or the $SPCE @ $8 before it runs up a 89.9° incline. Finding a company that has the potential to completely enter and control a market, without any actual revenue history. That's where this prediction comes in: $DEAC.
The market: Major sports betting on the US market is not yet available and this acquisition corporation plans to change that by merging with DraftKings.
[ref] Before this merger was made public, CNBC wrote a huge article on the sports betting, including a market projection of $150 billion (the estimated current illegal gambling market size). DraftKings and FanDuel own 83% of the legal gambling market in New Jersey.
[ref] This leads to a massive potential upside in having an IPO in the sports betting industry, projected to be $5 billion dollars.
The opportunity: $DEAC is an acquisition corporation meant exactly for this purpose. They plan to merge with DraftKings and change to a publicly-traded DraftKings. Not only is the market projected to be large, but this deal is also said to be priced in at a market cap of $3.3 billion. By the way, $DEAC is currently at an $840 million market cap. Now... I'm no mathematician, but those numbers are definitely far apart.
The challenge: While a supreme court ruling allowed any state their own legalization ability for sports betting, I believe NYC just turned down daily sports fantasy betting again. It most likely will be appealed but state legalization it is something to keep in mind. Currently, it shows 21 states have DFS regulations.
[ref] Tax incentives could be a push for the other states to follow and legalize DFS regulations.
Conclusion/TLDR There's one thing in common with these huge gaining stonks,
They are breaking through to a market that's yet to be controlled. I'm not a millionaire yet, nor I may never be, but the potential upside of a $DEAC investment seems like a great way to make people millionaires,
cough cough calls.
May the gains be with you all!
submitted by Dynamik_ to wallstreetbets [link] [comments]
Bitcoin 11 Years - Achievements, Lies, and Bullshit Claims So Far - Tooootally NOT a SCAM !!!!
That's right folks, it's that time again for the annual review of how Bitcoin is going: all of those claims, predictions, promises .... how many have turned out to be true, and how many are completely bogus ???
Please post / link this on
Bitcoin (I am banned there for speaking the truth, so I cannot do it) ... because it'a way past time those poor clueless mushrooms were exposed to the truth.
Anyway, without further ado, I give you the
Bitcoin's Achievements, Lies, and Bullshit Claims So Far ... .
Bitcoin Achievements so far: - It has spawned a cesspool of scams (2000+ shit coin scams, plus 100's of other scams, frauds, cons).
- Many 1,000's of hacks, thefts, losses.
- Illegal Use Cases: illegal drugs, illegal weapons, tax fraud, money laundering, sex trafficking, child pornography, hit men / murder-for-hire, ransomware, blackmail, extortion, and various other kinds of fraud and illicit activity.
- Legal Use Cases:
Steam Games, Reddit, Expedia, Stripe, Starbucks, 1000's of merchants, cryptocurrency conferences, Ummm ????? The few merchants who "accept Bitcoin" immediately convert it into FIAT after the sale, or require you to sell your coins to BitPay or Coinbase for real money, and will then take that money. Some of the few who actually accept bitcoin haven't seen a customer who needed to pay with bitcoin for the last six months, and their cashiers no longer know how to handle that. - Contributing significantly to Global Warming.
- Wastes vasts amounts of electricity on useless, do nothing work.
- Exponentially raises electricity prices when big miners move into regions where electricity was cheap.
- It’s the first "currency" that is not self-sustainable. It operates at a net loss, and requires continuous outside capital to replace the capital removed by miners to pay their costs. It’s literally a "black hole currency."
- It created a new way for people living too far from Vegas to gamble all their life savings away.
- Spawned "blockchain technology", a powerful technique that lets incompetent programmers who know almost nothing about databases, finance, programming, or blockchain scam millions out of gullible VC investors, banks, and governments.
- Increased China's foreign trade balance by a couple billion dollars per year.
- Helped the FBI and other law enforcement agents easily track down hundreds of drug traffickers and drug users.
- Wasted thousands if not millions of man-hours of government employees and legislators, in mostly fruitless attempts to understand, legitimize, and regulate the "phenomenon", and to investigate and prosecute its scams.
- Rekindled the hopes of anarcho-capitalists and libertarians for a global economic collapse, that would finally bring forth their Mad Max "utopia".
- Added another character to Unicode (no, no, not the "poo" 💩 character ... that was my first guess as well 🤣)
- Provides an easy way for malware and ransomware criminals to ply their trade and extort hospitals, schools, local councils, businesses, utilities, as well as the general population.
- Any others ? (Please tell me).
.
Correct Predictions: - 2015-12: "1,000 dollar in 2015", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/ (Technically, this prediction is WRONG because the highest price reached in 2015 was $495.56 according to CMC. Yes, Bitcoin reached $1,000 in 2013 and 2014, but that's NOT what the prediction says).
- 2017-12: "10,000 in 2017", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
- 2018-04: $10,000 (by April 2018), Mike Novogratz, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.bloomberg.com/news/articles/2017-11-21/mike-novogratz-says-bitcoin-will-end-the-year-at-10-000
- 2018-12: $10,000 (by 2018), Tim Draper, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.youtube.com/watch?v=3AW5s6QkRRY
- Any others ? (Please tell me).
.
Bitcoin Promises / Claims / Price Predictions that turned out to be lies and bullshit: ANONYMOUS CENSORSHIP RESISTANT FRICTIONLESS TRUSTLESS UNCENSORABLE UNTRACEABLE SAFE SECURE YOU CANNOT LOSE NOT A SCAM PERMISSIONLESS GUARANTEED PRIVACY CANNOT BE SEIZED CANNOT BE CONFISCATED Be your own bank Regulation-proof NO MIDDLEMEN DECENTRALIZED Instantaneous transactions Fast transactions Zero / No transaction fees Low transaction fees A store of value A deflationary digital asset - "
A deflationary digital asset that no single human being can destroy." "an asset that is equally as dual use as a car, water, or any other traditional element that has existed." "Digital gold" Easy to use Cannot be stolen Cannot be hacked Can be mined by anyone Can be mined by anyone, even with an old computer or laptop Cannot be centralized Will return power back to the people. Not a Ponzi scam Not a Pyramid scam Never pay tax again Your gains cannot be taxed A currency An amazing new class of asset An asset A means to economic freedom A store of value The best investment the word has ever seen A great investment Efficient Scalable Stable Resilient Reliable Low energy Low risk Redistribute wealth to everybody No more have's and have not's No more US and THEM No more disadvantaged people No more RICH and POOR No more poor people Uses amazing new technology Uses ingenious new technology Satishi Nakamoto invented ... Segwit will solve all of Bitcoin's woes Lightning Network will solve all of Bitcoin's woes Limited by scarcity Can only go up in value Price cannot crash Has intrinsic value Value will always be worth more than cost to mine Adoption by investors is increasing exponentially Adoption by investors is increasing Adoption by merchants is increasing exponentially Adoption by merchants is increasing You are secure if you keep your coins on an exchange You are secure if you keep your coins in a hardware wallet You are secure if you keep your coins in an air-gapped Linux PC Will change the world "the next phase in human evolution" "Blockchain is more encompassing than the internet" Blockchain can solve previously unsolvable problems. "The only regulation we need is the blockchain" "Bank the unbanked" "To abolish financial slavery and the state's toxic monopoly on money." "To have better tools in the fight against the state violence and taxation." "To stamp information on a blockchain forever so we can bypass state censorship, copyrights, patents(informational monopolies) etc." Will destroy / overthrow FIAT Will destroy / overthrow the world's governments Will destroy / overthrow the banking system Will destroy / overthrow the world economies Will free people from tyranny Will give people financial freedom Will bring world peace Never going below $19K again Never going below $18K again Never going below $17K again Never going below $16K again Never going below $15K again Never going below $14K again Never going below $13K again Never going below $12K again Never going below $11K again Never going below $10K again Never going below $9K again Never going below $8K again Never going below $7K again Never going below $6K again Never going below $5K again Never going below $4K again Is NOT a Scam Hashing Power secures the Bitcoin network Untraceable, private transactions Guaranteed privacy Not created out of thin air Not created out of thin air by unregulated, unbacked entities Totally NOT a scam Is not used primarily by crimonals, drug dealers, or money launderers. 100% secure 2010 will be the "Year of Crypto" 2011 will be the "Year of Crypto" 2012 will be the "Year of Crypto" 2013 will be the "Year of Crypto" 2014 will be the "Year of Crypto" 2015 will be the "Year of Crypto" 2016 will be the "Year of Crypto" 2017 will be the "Year of Crypto" 2018 will be the "Year of Crypto" 2019 will be the "Year of Crypto" 2010: MASS ADOPTION any day now" 2011: MASS ADOPTION aany day now" 2012: MASS ADOPTION aaany day now" 2013: MASS ADOPTION aaaany day now" 2014: MASS ADOPTION aaaaany day now" 2015: MASS ADOPTION aaaaaany day now" 2016: MASS ADOPTION aaaaaaany day now" 2017: MASS ADOPTION aaaaaaaany day now" 2018: MASS ADOPTION aaaaaaaaany day now" 2019: MASS ADOPTION aaaaaaaaany day now" "Financial Freedom, bro." no single entity, government or individual, can alter or reverse its transactions insurance against the tyranny of state Bitcoin has come to destroy all governments and bring about the libertarian utopia of my dreams. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 2+ years. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 5+ years. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 7+ years. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 9+ years. 1,000's of predictions of skyrocketing and/or never falling prices Escape the petty rivalries of warring powers and nation states by scattering control among the many. The Bitcoin Cash debacle proves that even the most cryptographically secure plans of mice and men often go awry. Ref: https://www.reddit.com/Buttcoin/comments/9zfhb6/like_theres_only_one_flaw_with_buttcoin_crash/ea8s11m People will NEVER be able to welch out of bets or deals again. Nov-2018, Ref: https://www.reddit.com/Buttcoin/comments/9zvpl2/the_guy_who_made_the_1000_bet_that_btc_wouldnt/ "Everything will be better, faster, and cheaper.", Brock Pierce, EOS.io shill video. "Everything will be more connected.", Brock Pierce, EOS.io shill video. "Everything will be more trustworthy.", Brock Pierce, EOS.io shill video. "Everything will be more secure.", Brock Pierce, EOS.io shill video. "Everything that exists is no-longer going to exist in the way that it does today.", Brock Pierce, EOS.io shill video. "Everything in this world is about to get better.", Brock Pierce, EOS.io shill video. You are a slave to the bankers The bankers print money and then you pay for it Bitcoin is The Peoples Money Bitcoin will set you free Bitcoin will set you free from the slavery of the banks and the government Ref: https://www.reddit.com/Bitcoin/comments/cd2q94/bitcoin_shall_set_you_free/ - ~~Bitcoin is "striking fear into the hearts of bankers, precisely because Bitcoin eliminates the need for banks. ~~, Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
"When transactions are verified on a Blockchain, banks become obsolete.", Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/ - SnapshillBot quotes from delusional morons:
- "
A bitcoin miner in every device and in every hand." - "
All the indicators are pointing to a huge year and bigger than anything we have seen before." - "
Bitcoin is communism and democracy working hand in hand." - "
Bitcoin is freedom, and we will soon be free." - "
Bitcoin isn't calculated risk, you're right. It's downright and painfully obvious that it will consume global finance." - "
Bitcoin most disruptive technology of last 500 years" - "
Bitcoin: So easy, your grandma can use it!" - "
Creating a 4th Branch of Government - Bitcoin" - "
Future generations will cry laughing reading all the negativity and insanity vomited by these permabears." - "
Future us will thank us." - "
Give Bitcoin two years" - "
HODLING is more like being a dutiful guardian of the most powerful economic force this planet has ever seen and getting to have a say about how that force is unleashed." "Cut out the middleman" "full control of your own assets" "reduction in wealth gap" "no inflation" "cannot print money out of thin air" "Why that matters? Because blockchain not only cheaper for them, it'll be cheaper for you and everyone as well." "If you are in this to get rich in Fiat then no. But if you are in this to protect your wealth once the current monetary system collapse then you are protected and you'll be the new rich." "Theres the 1% and then theres the 99%. You want to be with the rest thats fine. Being different and brave is far more rewarding. No matter your background or education." "NO COINERS will believe anything they are fed by fake news and paid media." - "
I know that feeling (like people looking at you as in seeing a celebrity and then asking things they don't believe until their impressed)." - "
I literally walk round everyday looking at other people wondering why they even bother to live if they don't have Bitcoin in their lives." - "
I think bitcoin may very well be the best form of money we’ve ever seen in the history of civilization." - "
I think Bitcoin will do for mankind what the sun did for life on earth." - "
I think the constant scams and illegal activities only show the viability of bitcoin." - "
I think we're sitting on the verge of exponential interest in the currency." - "
I'm not using hyperbole when I say Satoshi found the elusive key to World Peace." - "
If Jesus ever comes back you know he's gonna be using Bitcoin" - "
If this idea was implemented with The Blockchain™, it would be completely flawless! Flawless I tell you!" - "
If you're the minimum wage guy type, now is a great time to skip food and go full ramadan in order to buy bitcoin instead." - "
In a world slipping more and more into chaos and uncertainty, Bitcoin seems to me like the last solid rock defeating all the attacks." - "
In this moment, I am euphoric. Not because of any filthy statist's blessing, but because I am enlightened by own intelligence." - "
Is Bitcoin at this point, with all the potential that opens up, the most undervalued asset ever?" - "
It won't be long until bitcoin is an everyday household term." - "
It's the USD that is volatile. Bitcoin is the real neutral currency." - "
Just like the early Internet!" - "
Just like the Trojan Horse of old, Bitcoin will reveal its full power and nature" - "
Ladies if your man doesnt have some bitcoin then he cant handle anything and has no danger sex appeal. He isnt edgy" - "
let me be the first to say if you dont have bitcoin you are a pussy and cant really purchase anything worldwide. You have no global reach" - "
My conclusion is that I see this a a very good thing for bitcoin and for users" - "
No one would do such a thing; it'd be against their self interests." - "
Ooh lala, good job on bashing Bitcoin. How to disrespect a great innovation." - "
Realistically I think Bitcoin will replace the dollar in the next 10-15 years." - "
Seperation of money and state -> states become obsolete -> world peace." - "
Some striking similarities between Bitcoin and God" - "
THANK YOU. Better for this child to be strangled in its crib as a true weapon for crypto-anarchists than for it to be wielded by toxic individuals who distort the technology and surrender it to government and corporate powers." - "
The Blockchain is more encompassing than the internet and is the next phase in human evolution. To avoid its significance is complete ignorance." - "
The bull run should begin any day now." - "
The free market doesn't permit fraud and theft." - "
The free market will clear away the bad actors." - "
The only regulation we need is the blockchain." - "
We are not your slaves! We are free bodies who will swallow you and puke you out in disgust. Welcome to liberty land or as that genius called it: Bitcoin." - "
We do not need the bankers for Satoshi is our saviour!" - "
We have never seen something so perfect" - "
We must bring freedom and crypto to the masses, to the common man who does not know how to fight for himself." - "
We verified that against the blockchain." - "
we will see a Rennaisnce over the next few decades, all thanks to Bitcoin." - "
Well, since 2006, there has been a infinite% increase in price, so..." - "
What doesn't kill cryptocurrency makes it stronger." - "
When Bitcoin awake in normally people (real people) ... you will have this result : No War. No Tax. No QE. No Bank." - "
When I see news that the price of bitcoin has tanked (and thus the market, more or less) I actually, for-real, have the gut reaction "oh that’s cool, I’ll be buying cheap this week". I never knew I could be so rational." - "
Where is your sense of adventure? Bitcoin is the future. Set aside your fears and leave easier at the doorstep." - "
Yes Bitcoin will cause the greatest redistribution of wealth this planet has ever seen. FACT from the future." - "
You are the true Bitcoin pioneers and with your help we have imprinted Bitcoin in the Canadian conscience." - "
You ever try LSD? Perhaps it would help you break free from the box of state-formed thinking you have limited yourself..." - "
Your phone or refrigerator might be on the blockchain one day." The banks can print money whenever they way, out of thin air, so why can't crypto do the same ??? Central Banks can print money whenever they way, out of thin air, without any consequences or accounting, so why can't crypto do the same ??? It's impossible to hide illegal, unsavory material on the blockchain It's impossible to hide child pornography on the blockchain Fungible All Bitccoins are the same, 100% identical, one Bitcoin cannot be distinguished from any other Bitcoin. The price of Bitcoin can only go up. "Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337 Scarcity The price of Bitcoin can only go up because of scarcity / 21 million coin limit. (Bitcoin is open source, anyone can create thir own copy, and there are more than 2,000+ Bitcoin copies / clones out there already). immune to government regulation "a world-changing technology" "a long-term store of value, like gold or silver" "To Complex to Be Audited." "Old Auditing rules do not apply to Blockchain." "Old Auditing rules do not apply to Cryptocurrency." "Why Bitcoin has Value: SCARCITY.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 "Bitcoin is the first scarce digital object the world has ever seen, it is scarce like silver & gold, and can be sent over the internet, radio, satellite etc.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 "Surely this digital scarcity has value.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337 "May 2018 will be the last time we ever see $bitcoin under $10,000", Charlie Shrem, bitcoin advocate and convicted felon, 11:31 AM 3-May-2018, https://twitter.com/CharlieShrem/status/992109375555858433 "Last dip ever.", AngeloBTC, 14 Oct 2018, https://mobile.twitter.com/AngeloBTC/status/1051710824388030464/photo/1 "Bitcoin May Have Just Experienced its Final Shakeout Before a Big Rally", Joseph Young, coin shill, October 15, 2018 22:30 CET, https://www.ccn.com/bitcoin-may-have-just-experienced-its-final-shakeout-before-a-big-rally/ Bitcoin would be a buy if the price fell under $5,000., Mohamed El-Erian, chief economic advisor at Allianz, 29-Jun-2018, https://www.ccn.com/bitcoin-a-buy-below-5000-says-allianz-chief-economic-adviso - 2013-11-27:
""What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar [27-Nov-2013], services began to emerge for the "Bitcoin rich" to protect themselves as well as their wealth. It started with expensive safes, then began to include bodyguards, and today, "earlies" (our term for early adapters), as well as those rich whose wealth survived the "transition" live in isolated gated cities called Citadels, where most work is automated. Most such Citadels are born out of the fortification used to protect places where Bitcoin mining machines are located. The company known as ASICminer to you is known to me as a city where Mr. Friedman rules as a king.", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/ - 2018-02:
Bitcoin price to hit $27,000 by February 2018, Trace Mayer, host of the Bitcoin Knowledge Podcast, and self-proclaimed entrepreneur, investor, journalist, monetary scientist and ardent defender, Link #1: https://mobile.twitter.com/TraceMayestatus/917260836070154240/photo/1, Link #2: https://www.bitcoinprice.com/predictions/ - 2018-06:
"Bitcoin will surpass $15,000 in June [2018]." John McAfee, May 25, 2018, https://bitcoinist.com/john-mcafee-says-bitcoin-will-surpass-15000-in-june/ - 2018-07:
Bitcoin will be $28,000 by mid-2018, Ronnie Moas, Wall Street analyst and founder of Standpoint Research, http://helpfordream.com/2018/12/23/5-bitcoin-price-predictions-gone-wrong/. - 2018-12:
Bitcoin to reach a price of between 40,000 and 110,000 US dollars by the end of the 2017 bull run ... sometime before 2019, Masterluc, 26-May-2017, an anonymous "legendary" Bitcoin trader, Link #1: https://www.tradingview.com/chart/BTCUSD/YRZvdurN-The-target-of-current-bubble-lays-between-40k-and-110k/, Link #2: https://www.bitcoinprice.com/predictions/ - 2018-12: "There is no reason why we couldn’t see Bitcoin pushing $50,000 by December [2018]", Thomas Glucksmann, head of APAC business at Gatecoin, Link #1: https://www.bitcoinprice.com/predictions/
- 2018-12:
Listen up you giggling cunts... who wants some?...you? you want some?...huh? Do ya? Here's the deal you fuckin Nerds - Butts are gonna be at 30 grand or more by next Christmas [2018] - If they aren't I will publicly administer an electronic dick sucking to every shill on this site and disappear forever - Until then, no more bans or shadow bans - Do we have a deal? If Butts are over 50 grand me and Lammy get to be mods. Deal? Your ole pal - "Skully" u/10GDeathBoner, 3-Feb-2018 https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/ - 2018-12:
1 bitcoin = 1 Lambo. Remind me on Christmas eve [2018] u/10GDeathBoner, 3-Feb-2018, https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/dtn2pna - 2018-12:
Been in BTC since 2014 and experienced many "deaths" of BTC... this too shall pass... $10k end of the year. [2018] u/Exxe2502, 30-Jun-2018 https://reddit.com/Bitcoin/comments/8uur27/_/e1ioi5b/?context=1 - 2018-12:
"Yale Alumni prediction - 30 Grand by Christmas [2018] - and you my friend... you will be the one eating Mcafee's dick in 2020. :) -:", u/SirNakamoto, 15-Jun-2018, https://www.reddit.com/Buttcoin/comments/8r0tyh/fdic_agrees_to_cover_bitcoin_losses_in_event_of/e0nzxq7 - 2018-12:
"Impossible For Bitcoin Not to Hit $10,000 by This Year (2018)", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 22-Sep-2018, https://www.newsbtc.com/2018/09/22/billionaire-novogratz-impossible-for-bitcoin-not-to-hit-10000-by-this-yea - 2018-12:
"[Bitcoin] between $13,800 and $14,800 [by end of 2018]", Fundstrat's Tom Lee, 13-Dec-2018, https://www.cnbc.com/2018/12/13/wall-streets-bitcoin-bull-tom-lee-we-are-tired-of-people-asking-us-about-target-prices.html - 2018-12:
"Bitcoin is going to be $15k-$20k by the end of the year (2018)", Didi Taihuttu, 1-Nov-2018, https://www.wsj.com/video/series/moving-upstream/the-bitcoin-gamble/85E3A4A7-C777-4827-9A3F-B387F2AB7654 - 2018-12:
2018 bitcoin price prediction reduced to $15,000 [was $25,000], Fundstrat's Tom Lee, 16-Nov-2018, https://www.cnbc.com/2018/11/16/wall-streets-crypto-bull-tom-lee-slashes-year-end-forecast-by-10000.html - 2018-12:
"I want to be clear, bitcoin is going to $25,000 by year end (2018)", Fundstrat's Tom Lee, 5-Jul-2018, https://www.cnbc.com/video/2018/07/05/tom-lee-i-want-to-be-clear-bitcoin-is-going-to-25000-by-year-end.html - 2018-12:
"Bitcoin could be at $40,000 by the end of 2018, it really easily could", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 21-Sep-2018, https://www.youtube.com/watch?v=6lC1anDg2KU - 2018-12:
"Bitcoin will be priced around $50,000 by the end of the year (2018)", Bitcoin bull Arthur Hayes, co-founder and CEO of BitMEX, 29-Jun-2018, https://www.cnbc.com/2018/06/29/bitcoin-will-reach-50000-in-2018-says-founder-of-bitcoin-exchange.html - 2018-12:
"Bitcoin could definitely see $50,000 in 2018", Jeet Singh, cryptocurrency portfolio manager, speaking in January 2018 at the World Economic Forum in Davos, https://www.dcforecasts.com/new-prediction-says-bitcoin-hit-50000-2018/ - 2018-12:
"Bitcoin will hit $100,000 this year (2018)", Kay Van-Petersen, an analyst at Saxo Bank, 17-Jan-2018, https://www.cnbc.com/2018/01/16/bitcoin-headed-to-100000-in-2018-analyst-who-forecast-2017-price-move.html - 2018-12:
"Bitcoin price to surpass the $100,000 mark by the end of 2018", Tone Vays, 21-Sep-2017, https://www.ccn.com/prominent-bitcoin-trader-price-is-heading-towards-100000-in-2018/ - 2018-12:
"Bitcoin’s Price Will Surpass the $100,000 Mark by the End of 2018", Anonymous ("author" obviously too embarrassed to put his name to such bullshit "articles"), Oct-2018, https://investingpr.com/bitcoin-price-predictions-for-2018/ - 2018-12:
"Our [2018] year-end bitcoin target is $7700.", James Stefurak, Founder at Monarch Research. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8 - 2018-12:
"... we’ll see the price rally reaching its all-time of high of around $20K before the end of 2018", Khaled Khorshid, Co-Founder at Treon ICO. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8 - 2018-12:
Bitcoin will end 2018 at the price point of $50,000, Ran Neuner, host of CNBC’s show Cryptotrader and the 28th most influential Blockchain insider according to Richtopia,https://www.bitcoinprice.com/predictions/ - Plus a whole host of wrong 2019 predictions (could not be included here because of post character limit issues), so please see my earlier post from 4 days ago: Ummm, remember those "Expert" Bitcoin Price Predictions for 2019 ..... ohhhhh dear ....., https://www.reddit.com/Buttcoin/comments/eiqhq3/ummm_remember_those_expert_bitcoin_price/
.
But it's NOT all bad news, some claims and promises are yet to be determined: - Never going below $3K again
- Never going below $2K again
- Never going below $1K again
- Any others ? Please let me know.
submitted by Crypto_To_The_Core to Buttcoin [link] [comments]
What would a cyberpunk society look like?
Hi there! Here are some rules that I thought of off the top of my head for a full cyberpunk dystopian society... Add to my rules if you want.
- No normal taxes. Only tax is a transfer tax. That means whenever someone transfer cryptocurrency from one address to another address, the government gets a %. This is a tax enforced at the protocol level.
- No dollars or credit cards allowed. Only cryptocurrencies like ethereum are allowed.
- No clerks. Only vending machines, self checkout kiosks etc are allowed.
- No financial institutions. The only financial institutions (from payday loans to investment banks) are purely digital. Scan a barcode, and you get taken to the app.
- No moral hazard laws are allowed. Drug use is allowed. Prostitution is allowed. Gambling is allowed. Human genetic experimentation is allowed. Voluntary human drug testing is ALLOWED.
- Private property and contract law is ruthlessly enforced. The sole purpose of the police and the courts is to enforce private property as well as private autonomy. If you steal from someone, you didn't have a private contract to take their stuff. If you rape someone, you violated their private autonomy. On the other hand... if someone were to sell themselves into slavery for X amount of time, and then tried to renege on the contract, the police would ENFORCE the contract. This is part of the reason why the cops are so scary in a cyberpunk world.
- Contract law has specific principles and contracts MUST pass both judicial and code review before being deployed. Contracts are deployed to the ethereum blockchain, and enforced from there. Judicial contract review would prevent contracts with opaque terms, or burried clauses. Active contracts are visible for all members of society.
- All members of society get implanted with an rfid chip. When they are within 30 feet, the chip broadcasts their unique person number, which is used to call up a picture of their face, their name, and ALL contracts they are under. Contracts that they are in violation of will result in the contract being outlined in red, and other members of society will automatically report their location to the police to rectify their contract. The picture is combined with image recognition in HUD displays to populate names above real world faces and to create clickable interfaces.
- Contracts are required to have exit conditions. For example, in an employment contract, if you don't show up for work, the employment contract is terminated by the employer. A contract violation occurs when a physical action occurs that is NOT covered by a contract exit condition. For example, if you sign a contract specifying that a person is not allowed to release a product, or else damages will incur, and the person releases that product, but doesn't pay damages... that is an enforcement condition.
- The police ruthlessly enforces damage to the commons. For example, if you pollute or litter you will get the cops coming after you. If a by product of a production process is shown to cause harm, then the government will issue a violation of private autonomy clause against the offending entity. If the issue is a first time offense for that specific issue, a contract is issued against the entity in lieu of monetary damages. Contracts issued by the government contain remediation plans, and exit clauses. Entities that fail government contracts without triggering an exit condition face the death penalty for persons responsible for the choice, and corporate dissolution for the company. Contracts with government dissolution entities voids all outstanding contracts.
- Gun ownership is allowed. Guns are required to be microchipped, and will broadcast letting people know there is a gun nearby, the number of times it has been fired, its serial number, and its owner name. If the owner is not broadcasted at the same time, stolen gun alerts will be sent by civilians. Whenever a gun is fired, it will update its fired count. If a gun's fired count does not match what is on file, a gunshot will be registered. The reporting entities gps coordinates will be used to file the location of the gunshot.
- Microchip tampering is illegal, and is punishable by a serious fine, imprisonment, or in some cases... death.
submitted by Ghostcarapace3 to Cyberpunk [link] [comments]
Online Poker in Missouri
Hello
poker ,
I've always been a fan of poker and last week I went to tulsa and played in a live tournament on a whim while I was there. I did fairly well for my first live game with money involved. Someone even came over and told me that I was good for someone my age (23). Since I have a lot of free time on my hands I've been studying a bit. I have played WSOP online (free version), but I don't like it because people will play almost anything they get and some threads on here say they try to scheme you into buying more chips.
After reading several threads on here, WSOP online is not the best place to practice, and the only way to play good online games that will actually benefit your skills is if money is involved. The issue is that I live in Missouri and online gambling is illegal here. I heard that there are cryptocurrency sites out there to play microstakes on.
My question is, that since I live in a state that outlaws online gambling, can I still play on crypto sites. If I do, (something like nitrogen) would I need a VPN, TOR, or any kind of protection. I just want to play small/micro stakes, and I'm not really looking to profit, just learn.
Bonus question, what are the best sites for something like this? What would you recommend?
submitted by calcomponents to poker [link] [comments]
Your Guide to Monero, and Why It Has Great Potential
/////Your Guide to Monero, and Why It Has Great Potential/////
Marketing.
It's a dirty word for most members of the Monero community.
It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers.
This is what makes this an unusual post from a member of the Monero community.
This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential.
Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome.
I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.
///Upcoming Developments///
Bulletproofs - A Reduction in Transaction Sizes and Fees Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to
reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though!
More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested.
Multisig Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero.
Kovri Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy.
Mobile Wallets There is already a working
Android Wallet called Monerujo available in the Google Play Store.
X Wallet is an IOS mobile wallet. One of the X Wallet developers
recently announced they are very, very close to being listed in the Apple App Store, however are having some
issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon.
Hardware Wallets Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The
Ledger Nano S will be adding Monero support by the end of Q1 2018.
There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing
only about $20! In addition,
the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to
already be working on that here.
TAILS Operating System Integration Monero is in the progress of being packaged in order for it to be integrated into
TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as
journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users.
In the meantime, for those users who wish to use TAILS with Monero,
u/Electric_sheep01 has provided
Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow.
Mandatory Hardforks Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a
Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible.
This reddit post provides more information.
Dynamic fees Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees!
Tail Emission and Inflation There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit.
Gundamlancer explains that Monero's
"main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore. Monero Research Lab Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See
here and
here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found
here.
///Monero's Technology - Rising Above The Rest///
Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency.
Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged
Alphabay administrator Alexandre Cazes. In the
Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown:
"In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero".
Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently
reiterated his concerns of optional privacy after Jeffrey Quesnelle published his
recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke,
but Zcash is supported by DARPA and the Israeli government!.
Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers.
You can view Monero's non-existent rich list here to see for yourself.
I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike
Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case.
A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World As outlined on
GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity.
A great example of
Bitcoin's lack of fungibility was reposted by
u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain.
The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and
there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their
Private View Key with their accountant for tax purposes.
Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example,
a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL.
To summarise this in a nutshell: "A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
For those that wish to seek more information about why Monero is a superior form of money, read
The Merits of Monero: Why Monero Vs Bitcoin over on the
Monero.how website.
Monero's Humble Origins Something that still rings true today despite the great influx of money into cryptocurrencies was outlined in Nick Tomaino's early 2016
opinion piece. The author claimed that
"one of the most interesting aspects of Monero is that the project has gained traction without a crowd sale pre-launch, without VC funding and any company or well-known investors and without a pre-mine. Like Bitcoin in the early days, Monero has been a purely grassroots movement that was bootstrapped by the creator and adopted organically without any institutional buy-in. The creator and most of the core developers serve the community pseudonymously and the project was launched on a message board (similar to the way Bitcoin was launched on an email newsletter)." The Organic Growth of the Monero Community The Monero community over at
monero is exponentially growing. You can view the
Monero reddit metrics here and see that the Monero subreddit currently gains more than 10,000 (yes, ten thousand!) new subscribers every 10 days! Compare this to most of the other coins out there, and it proves to be one of the only projects with real organic growth. In addition to this, the community subreddits are specifically divided to ensure the main subreddit remains unbiased, tech focused, with no shilling or hype. All trading talk is designated to
xmrtrader, and all memes at
moonero.
Forum Funding System While most contributors have gratefully volunteered their time to the project, Monero also has a Forum Funding System in which money is donated by community members to ensure it attracts and retains the brightest minds and most skilled developers. Unlike ICOs and other cryptocurrencies, Monero never had a premine, and does not have a developer tax. If ANYONE requires funding for a Monero related project, then they can simply request funding from the community, and if the community sees it as beneficial, they will donate. Types of projects range from Monero funding for local meet ups, to paying developers for their work.
Monero For Goods, Services, and Market Places There is a growing number of online goods and services that you can now pay for with Monero.
Globee is a service that allows online merchants to accept payments through credit cards and a host of cryptocurrencies, while being settled in Bitcoin, Monero or fiat currency. Merchants can reach a wider variety of customers, while not needing to invest in additional hardware to run cryptocurrency wallets or accept the current instability of the cryptocurrency market. Globee uses all of the open source API's that BitPay does making integrations much easier!
Project Coral Reef is a service which allows you to shop and pay for popular music band products and services using Monero.
Linux, Veracrypt, and a whole array of VPNs now accept Monero.
There is a new Monero only marketplace called Annularis
currently being developed which has been created for those who value financial privacy and economic freedom, and there are rumours
Open Bazaar is likely to support Monero once Multisig is implemented.
In addition, Monero is also supported by
The Living Room of Satoshi so you can pay bills or credit cards directly using Monero.
Monero can be found on a growing number of cryptocurrency exchange services such as Bittrex, Poloniex, Cryptopia, Shapeshift, Changelly, Bitfinex, Kraken, Bisq, Tux,
and many others.
For those wishing to purchase Monero anonymously, there are services such as
LocalMonero.co and
Moneroforcash.com.
With
XMR.TO you can pay Bitcoin addresses directly with Monero. There are no other fees than the miner ones. All user records are purged after 48 hours. XMR.TO has also been added as an embedded feature into the Monerujo android wallet.
Coinhive Browser-Based Mining Unlike Bitcoin, Monero can be mined using CPUs and GPUs. Not only does this encourage decentralisation, it also opens the door to browser based mining. Enter side of stage, Coinhive browser-based mining. As described by
Hon Lau on the Symnatec Blog Browser-based mining, as its name suggests, is a method of cryptocurrency mining that happens inside a browser and is implemented using Javascript. Coinhive is marketed as an alternative to browser ad revenue. The motivation behind this is simple: users pay for the content indirectly by coin mining when they visit the site and website owners don't have to bother users with sites laden with ads, trackers, and all the associated paraphern. This is great, provided that the websites are transparent with site visitors and notify users of the mining that will be taking place, or better still, offer users a way to opt in, although this hasn't always been the case thus far.
Skepticism Sunday The main Monero subreddit has weekly
Skepticism Sundays which was created with the purpose of installing
"a culture of being scientific, skeptical, and rational". This is used to have open, critical discussions about monero as a technology, it's economics, and so on.
///Speculation///
Major Investors And Crypto Figureheads Are Interested Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated
"One that has real fundamental value besides from Bitcoin is Monero" and said it has
"very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied
"Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter,
recommending only Bitcoin and Monero as long-term investments.
There are reports that
"Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin.
Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash,
Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even
claimed it will overtake Bitcoin.
Playboy instagram celebrity Dan Bilzerian is a Monero investor, with
15% of his portfolio made up of Monero.
Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a
CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence
smart money is aware of Monero and gradually filtering in.
The Bitcoin Flaw A relatively unknown blogger named
CryptoIzzy posted three poignant pieces regarding Monero and its place in the world.
The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and
Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins.
CryptoIzzy's most recent blog published only yesterday titled
Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero.
CryptoIzzy also published
The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the
four figure range.
Monero Has a Relatively Small Marketcap Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit.
Compared to other cryptocurrencies, Monero still has a
low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to
CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin.
For this reason, I would argue that this is evidence Monero is grossly undervalued.
Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin.
Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money.
Technical Analysis There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found
on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart:
Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also
this chart which appears to be freakishly accurate and is tracking along perfectly today.
Coinbase Rumours Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the
GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as
Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading.
Monero Is Not an ICO Scam It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and
we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases.
Monero is a Working Currency, Today Monero is a working currency, here today.
The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A
crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc.
Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin.
Monero is the only coin with all the necessary properties to be called true money.
Monero is private internet money.
Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy.
Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us.
Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.
///Key Issues for Monero to Overcome///
Scalability While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution.
Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit.
In a post on the Monero subreddit from roughly a month ago,
monero moderator
u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
When the Spagni CNBC video was recently
linked to the Monero subreddit, it was met with lengthy debate and discussion from both users and developers.
u/ferretinjapan summarised the issue explaining:
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node.
For users that do run into wallet setup issues, or any other problems for that matter, there is
an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you.
Monero.how is a fantastic resource too!
Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.
///Conclusion///
I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so.
Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price.
I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors.
I will leave you with an old on-going joke within the Monero community -
Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ?
Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork submitted by johnfoss69 to CryptoCurrency [link] [comments]
is cryptocurrency gambling illegal video
Cryptocurrency Transaction Illegal Under Our Act – CBN. 2 days ago. in BUSINESS, COVER STORIES, NEWS. and it will not make sense to run a currency system based gambling. Cryptocurrency Gambling Illegal and software developers cannot manipulate the results of the games. It is also worth noting Cryptocurrency Gambling Illegal that the licensing body requires the casino to separate their operating funds from the players’ Cryptocurrency Gambling Illegal funds. In the first nine months of 2020, police cracked down on 1,700 online gambling platforms and 1,400 underground banks involving more than 1 trillion yuan ($153 billion) of illegal transactions. Cryptocurrency Gambling Illegal out their favorite casino games for real money without spending from Cryptocurrency Gambling Illegal their bankroll. For the casino it works because once a player uses a no deposit bonus he would Cryptocurrency Gambling Illegal end up depositing funds to play for real money. Will illegal gambling hurt the cryptocurrency market? Even though the revenues from online gambling continue to grow not only in Asia but all over the world, cryptocurrency usage as a payment option remains insignificant because the number of casinos that accept it is rather low. The legality of using cryptocurrencies is therefore remanded to the offshore gambling jurisdiction. US – As noted, the legalization of online gambling in the US has a long way to go. With only 3-4 states currently on board with such activities, the notion of using cryptocurrencies to fund gambling accounts is yet to be tested. The most reviewed and seeming popular game in cryptocurrency gambling tends to be poker but other games are also seeing a sharp rise in interest from online gamblers. You can find a list of the best bitcoin gambling sites at bitcoingamblingsites.io. Why Gambling with Cryptocurrencies is Booming. Cryptocurrency Betting Is Getting out of Hand in Asia. With the kickoff of the FIFA World Cup in Russia, illegal online gambling has immensely surged in several Asian countries where gambling has not yet been regulated, like Thailand or Malaysia. In countries where extensive gambling legislation is being implemented, such as China and South Korea, the illegal gambling industry is many times Is cryptocurrency gambling illegal? Posted this over in r/bitcoin but realized I'd get a much better response from you guys. As altcoins aren't regulated currency, in places where it is illegal to gamble is it still illegal? Games like Borderlands (and many others) allow you to gamble your 'funny money'. 3..Cryptocurrency is too volatile and speculative..in fact, it's gambling by another name. 4..Cryptocurrency is used for illegal activities like drug peddling.
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