EILMELDUNG: So unterstützt JP Morgan jetzt Bitcoin (BTC ...

Want to know why so many young people are buying Bitcoin?

Why has Bitcoin septupled in only half a year? Because if it works as promised, it's decentralized and free of the meddling of any government, especially our own government. Notice the financiers all hate it. JP Morgan CEO Jamie Dimon called it a "fraud," and all of the media repeated it. Bitcoin's value skyrocketed after that.
It's because the entire corporate media was unanimous about invading Iraq even though it was based on a lie. That can't be understated - the government knowing and willingly lied to everyone. It wasn't a "strategical blunder." Thousands of Americans died, millions of Iraqis dead, leaving it wide open to the worst extremist groups imaginable. Hundreds of thousands of Iraqi children are being born with defects because of the leftovers of our weapons. No prosecutions, no arrests, no one is punished, nothing changes. We're still at war with even more countries now, and we would be at war with more if not for the protests of citizens.
It's because we now know that Saudi Arabia was involved in 9/11, and because the US govt flew out Saudi royalty right after the attacks, and because that country is our "ally" even though they finance Islamic terrorism and have horrendous human rights records. While we're having our own Crucible going on about sexual harassment, Saudi Arabia which treats woman like second class citizens is just okie dokie with us.
http://www.cnn.com/2016/09/09/politics/house-9-11-sue-saudi-arabia/
It's because financial institutions and banks, who receive billions of taxpayer dollars from the Fed for free and then get to turn around and loan it out to people at interest before inflation has devalued one cent of it, while we are trillions in debt, who deliberately defrauded MILLIONS of hardworking people out of their pensions, got slapped with fines the equivalent of a traffic fine compared to how much money they make. No prosecutions, nothing happened, nothing changed, and now members of the government during that time are right back working for Wall Street as consultants. While savings accounts pay less than 1% annual return.
It's because corporations who enjoy record profits have all the power pay hardly anything in taxes and stash all their profits overseas, while the life of the average working American gets shittier and shittier.
It's because grads with student loans were preyed upon with high interest loans because the government let them, and because public university raised their tuition to extortionate higts because the government let them, and sold a bill of goods about how everyone needs a college education only to enter the worst job market in generations with debt so high just to get a B.A. you'd think they just finished medical school. and its one of the only if not the only types of debts that wont go away with declaring bankruptcy, interestingly enough.
It's because while the GOP is trying to push through a tax bill that's going to cheat even more Americans out of their wealth, including teachers deducting classroom supplies that they have to buy themselves because public budgets already dont pay for it, all the "liberal" media can talk about is some BS conspiracy theory about Russia that is shown again and again to be completely baseless, and polls have shown that only 6% of Americans consider it a top priority, yet thats all you see on the news every single day.
It's because our government of our so-called free country decided that they can decide what substances people can put in their bodies, and therefore created the largest gulag state known to man, where we imprison more people per capita than any other country in the world - more than China, more than Russia, more than North Korea - with 4.4% of the world's population we imprison 22% of the world's prisoners. Nearly one out of 100 Americans are behind bars at any given time.
It's because the only politician in our lifetimes that actually seems like he gives a crap about people and not just money was betrayed, cheated and railroaded by our own "liberal" media and our own "liberal" political party, and those who supported him were bullied and manipulated and lied to and insulted and discredited, and are still are, and no one seems to care.
It's because we're supposed to praise the gods for having been delivered crappy, byzantine and overpriced insurance, because even though we're the wealthiest country in the world, and even though the vast majority of voters want single-payer, both political parties have infinite numbers of reasons and excuses of why we can never have that.
yeah...go bitcoin...
submitted by panjialang to Bitcoin [link] [comments]

r/Bitcoin recap - February 2019

Hi Bitcoiners!
I’m back with the 26th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
A recap of Bitcoin in February 2019
Adoption * bitcoin can now be used to fund your public transport card in 37 cities in Argentina (7 Feb) * There are as many transactions today as in January 2018 but with all time low fees (7 Feb) * Bitcoin’s Lightning Network currently has 6000 nodes and $2.4M in capacity (9 Feb) * A service that lets you buy Domino’s Pizza via the Lightning Network in the US (13 Feb) * Bitcoin’s average block size is now 1.3MB (14 Feb) * An Argentinian company settles export deal with a client in Paraguay using bitcoin (15 Feb) * The Lightning Network reaches 700 btc in capacity (16 Feb) * A butchery in Kenya accepting bitcoin (17 Feb) * The ₿ symbol is now a listed currency when you long press the $ sign on a mobile keyboard (19 Feb) * A Lightning developer’s node is routing more than $10k per month for a 0.25% fee (19 Feb) * Jack Dorsey, CEO of Twitter and Square, promotes bitcoin tipping on Twitter (20 Feb) * bitcoin transactions near an all-time high of 3.87 transactions per second (21 Feb) * Finanzen.net, a german finance site, starts lising the EUBTC exchange rate (21 Feb) * 20% of Localbitcoins 4.8M visits come from Venezuela (26 Feb) * $52M of bitcoin bought on Cash app in Q4 2018 (27 Feb)
Development * The Casa node has been open-sourced (1 Feb) * A specification for trustless non-pegged sidechains (4 Feb) * Blockstream creates a new Multisignature standard (18 Feb) * BTCPay Server now has payment requests (26 Feb)
Security * A discussion on traditional mixers vs Wasabi wallet (2 Feb) * Another Electrum wallet phishing attempt (4 Feb) * Someone gets scammed for $50 worth in bitcoin by a QR code switch (19 Feb) * Coinomi wallet sends your plain text seed phrase to Google’s remote spellchecker API (27 Feb)
Business * Kraken exchange CEO on the QuadrigaCX coins (3 Feb) * People discuss the bitcoins held by bankrupt QuadrigaCX (4 Feb) * TD Ameritrade is advertising how to invest in Bitcoin on YouTube (10 Feb) * Lightning integration will eventually come to Square’s Cash app according to its CEO (11 Feb) * Samsung’s Galaxy S10 will have secure storage for private keys built in (20 Feb) * A 21-year old couple is working on a hardware wallet (23 Feb)
Research * Bitcoin’s wealth distribution across addresses increased over the past 2 years (13 Feb)
Education * Bitcoin’s prehistory (2 Feb) * People discuss the best real-time bitcoin news feeds (8 Feb) * Someone discusses their small bitcoin mining operation (9 Feb) * A new report on financial privacy from Coin Center (11 Feb) * Andreas Antonopoulos on splicing (25 Feb)
Regulation & Politics * The SEC thinks some cryptocurrency will match their ETF requirements eventually (7 Feb) * Government-mandated asset seizure will be limited in the U.S. (23 Feb)
Archeology (Financial Incumbents) * The British pound is the oldest fiat currency at 317 years and now worth 0.5% of its original value (4 Feb) * JPMorgan Chase incorrectly analyses that bitcoin miners operate at a 16% loss (12 Feb) * JPMorgan Chase launches its own centralized JPM stablecoin (14 Feb) * The IMF comes up with a plan to devalue cash and introduce negative intrest rates (17 Feb) * Venmo’s KYC when someone paid back a sandwich is a great reminder why we need bitcoin (20 Feb)
Price & Trading * Bitcoin passes $4k for the first time in a while (19 Feb)
Fun & Other * A discussion on former Bitcoin developer Mike Hearn (1 Feb) * Twitter CEO Jack Dorsey says he thinks the currency of the Internet will be bitcoin (2 Feb) * Twitter and Square CEO Jack Dorsey passes on the Lightning Torch (5 Feb) * Some instructions on how to send letters using a computer if you think sending bitcoin is difficult (6 Feb) * Why Bitcoin should succeed (7 Feb) * Other technologies that died just like Bitcoin (8 Feb) * Elon Musks compliments cryptocurrency for value transfers (20 Feb) * Elon Musk says whoever owns the early btc deserves a Nobel prize in delayed gratification (21 Feb) * A Lightning-powered chicken feeder (22 Feb) * A Malaysian bookstore with Bitcoin and Blockchain books on top of the finance section (28 Feb)
submitted by SamWouters to Bitcoin [link] [comments]

Adoption: A big reason its not happening

As someone who has been extremely involved in the cryptocurrency space the past 2 years, and 6 as an investor I want to point some things out.
  1. The whole space is full of egomaniacs
When I first got involved as an investor in 2013 buying 2.5 BTC I thought very little of where it could go. It was a small tight group of believers back then. As the space evolved you found there were more and more Craig Wright's. What I mean by that is there were tons of people with massive egos who did not care what others said. It was okay before 2016-2017 as I wasn't so closely following what was going on.
Once I got involved in the space more quit my job and went deep into the space I noticed something. I saw a tom of egomaniacs pretending they really knew what they were talking about, I saw people acting like they knew everything about everything and I saw CEOs who had little to not hope other then big talk and hopium.
In my opinion we need more humble leaders in the space, people who truly care about it more than making as much money from people as they can. People who aren't showing off watches during a hash war that ended with zero winners, and led us into the longest crypto winter in the spaces history.
The egos need to go in the space and all that big timer, know it all, bickering needs to take the back seat. Guys like Roger Ver, Jimmy Song, and Craig Wright need to stay focused and deliver. How can they do they always competing and putting each other down? It all seems very childish and like the space it is very immature.
  1. Scams, Faulty Exchanges, Faulty Volume
The sickening amount of scams I have seen and that still somehow go on have put a serious dent on the goal for adoption. When one thinks deep enough about this they realize that for us to move forward cryptocurrencies can't be seen as a rabbit hole or a giant scam/Ponzi scheme.
There are already options out there like www.trustedintrading.com that make everyone do KYC to be on the platform. They provide insights into projects, they do serious Due Diligence on all projects including (KYC on all members of the team/advisory, Company and business registration checks, location checks etc they verify the company is real. The only issue is many do not even want to do their KYC and that in itself is a bit silly.
Scams are easy to pull off if you have ever been to a network marketing / MLM event you will see how they do them in crypto. My issue is the people are still being scammed into this. Just recently evencoin was saying they partnered with some of Thailands top hospitals, then the hospitals denied it, but for many it was too late. So this is a huge burden that seems to have a solution ready made that people will soon use. I just think this has really caused adoption to feel like it won't happen as there have been countless exits.
We just saw Quadriga, we have seen Bitgrail, we have seen My.Gox and the list goes on. Why does this keep happening and will dex's be the answer in the short term the answer to that is not really, long term potentially. My huge issue is there are so many scam exchanges that currently exist in the space, using bots and market makers to create approximately 87% of the volume in crypto to be fake. We have seen centralized exchange after centralized exchange be hacked, lose funds most recently Quadriga is a prime example everyone feels it was an exit scam.
My point here is who wants to put money on a crypto exchange? Most do not have insurance and most are giant scams with less than 100k of daily volume. Many don't feel secure and think if I can lose everything I better stick to fiat then take this risk. The volume issue is bad enough for a report that was recently completed by bitwise to show, really only 10 real crypto exchanges exist, a scary thought for someone thinking to adopt especially the institutions and several traditional investment firms/banks, VCs and Hedge funds.
  1. JP Morgan and Other haters
We have seen over time big institutions call Bitcoin a scam over and over. We have need Nouriel Roubini bashing on it and several other institutional investors and also the likes of Warren Buffet. Some of them believe that crypto truly is a scam, and that it has very little value for example.
We see guys like Jamie Dimon says things like crypto is a scam, I regret saying that to going on saying that hey guys look at JPM coin within the last 3 years. That alone should tell you something, along with the likes that when Jamie said it was a scam the price dropped almost 25%. What's even more ridiculous is the fact that JP Morgans Asian branch bought 100m worth of BTC after that happens what a nice 25% discount right?
This hurts and helps adoption actually, in one way many think it still is a scam in another people will think hmm if they have bought maybe it isn't so bad. Also Marc Faber just bought some BTC so this side of things may be improving, but still several people like Roubini and Buffet maintain their stance. We all also know of Jack Dorsey Twitter's CEO buying tons of BTC weekly so sediment might be changing.
I recently spoke at the DS Summit in Bangkok, and I saw something eye opening. Several people at their first conference ever as we were focused on STOs at this conference. I spoke at this conference and after when I was outside chatting I met several investment banks, credit Swiss VP of Asia and even banks looking to learn about the space. This was about 3 weeks ago and what it showed me was there is a shift among us where digitized assets are being taken seriously.
For this one it's not all bad, but still tons of growth and education is needed for these players to even entertain the market place, or understand why they should even do it in the first place.
  1. People in the space including influencers
This is the big one I'd like to address as I believe this is the biggest issue in the whole blockchain and crypto space. The constant social media keyboard warriors, they know everything, nobody knows better than they do, they won't listen to anyone and when you present good hard facts you are either a fudster or a scammer.
The whole space needs to mature I have seen project argue with users via telegram, I have seen projects argue with people face to face in an environment that was totally unacceptable. I have seen influencers screaming on live feeds at conferences at projects they don't like. Constantly I have seen one after another event happen which totally makes everyone in the space look bad. There is a reason so many call scams in this space and it's mostly to do with the fact that we as investors, influencers, educators etc need to stop attacking everyone.
When I say this I mean it in the way that I see people make a typo and get crap for it, I see people with good points attacked because someone disagrees I see so much crap everyday like this. I have at several times told people how bad this is for outsiders looking in. We all have a responsibility to evolve and mature the space, but right now it feels like a middle school with kids arguing for the sake of it to be right or be cool.
I am so sick of the daily attacks on influencers trying to help for free, this makes it even worse because if you can't even learn without being attacked why would you want to be involved in crypto. I know there are fakers but we all can weed them out together. Why don't we all work together more or at least practice what our moms taught us that if you don't have anything nice to say, say nothing at all? Imagine if people treated each other not with big egos and were truly friendly and wanted adoption to happen how different the landscape would be!
To end I would love to see some real adoption of cryptocurrencies worldwide. I know if we started to really help that and focus less money and more on usecase and creating tools to make it easier to get started that would be truly what would be beautiful. I have a friend who says let's get the children out of the way and let the adults do the work. I don't agree if we talk about age but I do agree with her, because she's talking about just mature adults not adults acting like children. Let's start truly helping each other, teams, and supporting real exchanges and real projects with use cases for adoption. Let's see the bad projects die off and lets get the space ready for true adoption. It's time to stop arguing and start building the foundation this space truly needs. Without that nobody I have met from the traditional finance world is truly going to consider this other then for monetary reasons.
If you want to connect with me or have any questions please comment below.
Joel - Coach K
submitted by Crypto_edu to CryptoCurrency [link] [comments]

Online Sentiment Toward Crypto Market in 2019 — Attitudes Are Positive

Online Sentiment Toward Crypto Market in 2019 — Attitudes Are Positive
https://preview.redd.it/df5uq5q9v6f31.png?width=700&format=png&auto=webp&s=850703897711eba01cfe177773d8e75894161af8

Despite all of the bad press that the digital asset industry continues to receive on an almost daily basis, it appears as though the overall sentiment of the online communities in regard to this burgeoning domain is still pretty positive. For example, Comparitech — a research firm that provides its consumers with a host of specialized data that allows one to make more informed decisions — recently used a machine learning-based analysis tool to study more than 48K Redditposts to determine which cryptocurrencies were viewed most favorably by the masses. Not only that, the study also took into consideration a total of 7,500 crypto/blockchain-related articles from a variety of different national and international media outlets.


All of the posts, tweets and articles analyzed by the researchers were scored on the basis of their positive/negative sentiment — primarily in relation to other articles included in the study. In this regard, there were a few notable trends that jump out at the reader upon first glance. While over 85% of the analyzed Reddit posts were deemed to be positive in nature, articles published by various mainstream media publications such as HuffPost, Business Insider and The International Business Times were, by and large, dismissive of the crypto market.
To get a better overview of the matter, Cointelegraph has reached out to Craig Russo, owner of Peer, a Boston-based startup that is behind the popular crypto and gaming media outlet SludgeFeed. When asked about what the overall sentiment of the average social media user toward the crypto industry (at large) was like, Russo pointed out:
“While there will always be different camps or schools of thought on the crypto industry, the overall sentiment across social media continues to be bullish, both on future price growth and mainstream adoption of the technology.”
A similar point of view is also shared by Sritanshu Sinha, an independent crypto author and analyst, whose work has been shared online by the likes of John McAfee and Kim DotCom. Sinha pointed out that the overall reception that the crypto industry has received thus far on forums such as Reddit and Twitter has been quite warm. He is also quick to point out that, since the Reddit community as a whole views itself as being anti-establishment, the platform’s users are usually drawn to crypto much more than your average investor. Similarly, in the case of Twitter, he believes that there are a few independent analysts who have hundreds of thousands of followers and therefore have the power to influence the community toward fostering a positive view regarding various altcoins/digital offerings.

Has the public views on crypto changed over the years?

Another pertinent question is how the crypto industry’s general perception has evolved since the novel asset class came into the spotlight a few years back. For example, it is no secret that all through 2018, investor confidence in this space has been dwindling. However, Russo believes that Bitcoin’s (BTC) financial upswing over the last eight months has been a turning point for the industry, especially across different social media outlets. Further elaborating on his views, Russo added:
“This is in stark contrast to those invested in the altcoin markets, as many are in disbelief towards the poor performance of their assets. The regulatory environment definitely plays into the latter, as increasing pressure from the U.S. government has undoubtedly hurt investor interest in Bitcoin alternatives (i.e., Binance shutting down to U.S. customers).”
When compared to the previous years, the general sentiment toward the crypto sector has certainly become less hostile. For example, back in 2017, a time when Bitcoin was witnessing astronomical growth, the industry was still facing a lot of heat from many financial experts of differing pedigree. And while the market, at the time, was replete with countless scams(especially Twitter bots) such activities have largely died out now.
As mentioned earlier, a host of recent surveys seem to suggest that more than 80% of all crypto talk online is positive. This number seems abnormally large for an industry that is usually on the receiving end of a lot of criticism from various traditional media outlets. Sharing his thoughts on the subject, Sinha pointed out:
“80% seems about right. Mostly, because that’s the nature of evangelism. Most of us on social media seems to be crypto-evangelists. However, positive sentiments and bull markets are highly correlated and they seem to be feeding off each other to create a positive feedback loop. If I have to prophesize, the 80% positive sentiment will not be the case during a bear run. Then the voices of the skeptics will become louder and sentiments will turn increasingly negative.”

Tweet interpreters are being used to gauge global investor interest

A number of hedge funds and asset managers are currently turning tosoftware developers to help them interpret and harness sentiment signals to their advantage. Speaking to Reuters on the subject, Bin Ren — CEO of Elwood Asset Management — was quoted as saying that this latest trend of identifying price clues from tweets and other social media messages is slowly turning into an “arms race for money managers.”
To put things into perspective, it can be seen that the costs involved with conducting such types of research analyses are quite steep. As per Andrea Leccese, president of New York-based investment firm Bluesky Capital, a simple bot-driven Twitter data exploration can cost firms anywhere between $500,000-$1 million.

Will increasing regulations stifle the industry’s growth?

Ever since Facebook announced its decision to enter the digital asset market — via its much-hyped stablecoin offering called Libra, which is backed by the Libra Foundation — the regulatory noose surrounding this space seems to have tightened considerably. However, contrary to popular belief, a number of crypto analysts seem to believe that increased regulations can be a good thing for the industry.
Cointelegraph spoke to Mohanned Halawani, the founder and CEO of Crypto PR, one of the first blockchain-specialized communication firms. He seems to be quite optimistic and believes that some of the latest regulations are actually quite advantageous for prospective investors, especially those regarding security token offerings (STOs) and initial coin offerings (ICOs). Halawani went on to add:
“The SEC has facilitated the emergence of Security Token Offerings which it felt was a more worthy investment vehicle when compared to traditional Initial Coin Offerings… Security tokens allow their investors to get information about the issuer on a fully transparent framework, providing complete visibility on all token allocations. Thanks to the regulatory benefits of these assets, authorities are beginning to their raise their standards among tradable asset classes and even support their implementation.”
Similar opinions are also provided by Joe Mercurio, project manager for Comparitech, who believes that the goal behind these regulations is to ultimately make consumers and businesses more comfortable with using cryptocurrencies on a regular basis. Mercurio shared his thoughts with Cointelegraph:
“I think that government entities will eventually adopt blockchain technology and new cryptocurrencies will begin to emerge. That said, I do believe that the market will remain volatile.”
Whether we like it or not, government regulations are crucial for any financial commodity — be it crypto or otherwise — to gain mainstream acceptance. And while these rules and guidelines may appear to hamper an asset’s growth at times, a majority of these regulations are a step in the right direction. Also, because Bitcoin and other digital currencies are basically tools for individual financial freedom, governments do not want to give up financial control over their citizens.
Simply put, when we see the history of such revolutionary technologies getting adopted by countries en masse’, we are sadly faced with a long and painful path that eventually leads to widespread human well-being.

How much of a role does social media play in shaping the public’s opinion on crypto?

Mercurio, whose core field of work includes the analysis of tweets and other online content to gauge public sentiment, is of the belief that there currently exists a strong correlation between the volume of social media posts related to a particular digital asset and its price. As part of his research, he claims to have often observed spikes in online articles when the price of a specific cryptocurrency changes. Mercurio went on to add:
“Social media posts remain more positive during times of price fluctuation compared to media coverage overall. Online enthusiasm regarding crypto has been overwhelmingly warm. We found that cryptocurrency-related subreddits were 55% more likely than media publications to have content with positive sentiment toward various cryptocurrencies.”
In a similar vein, to look at the impact that social media influencers have on the crypto industry, we can turn to a few high-profile individuals such as Elon Musk and LA Chargers’ star Russell Okung, both of whom have been advocating for the widespread adoption of crypto for quite some time now. In fact, Okung has sent out several requests to the NFL, asking the league (since the start of 2019) to provide its employees with the option of getting paid in crypto — a petition that is backed by fellow NFL star Matt Barkley.

Looking ahead

It thus appears as though the crypto market will continue to grow, mainly because people want to find newer economic avenues that are free from the involvement of any corporations or government-controlled agencies. However, a lot of this growth will depend on the use cases that emerge from this space. Also, as social media continues to play an ever-increasing role in arenas such as politics and public affairs, there is no reason to doubt its utility when it comes to crypto adoption.
submitted by GTE_IO to u/GTE_IO [link] [comments]

Someone asked me Why the Super Wealthy don't Buy Bitcoin - here's my answer

Somebody asked me why the super rich don't generally buy Bitcoin in bulk.
TLDR: There are many layers of complexity that massive portfolios have that make it harder to buy Bitcoin.
Lots of reasons but here are some logistics:
First we have to assume they like the story, believe in Bitcoin and have a buy in.
Basically the super rich do things in a different and more complex way than normal people -- they will have an investment department in thier family office and a Chief Investment Officer, a head for Private Equity, venture, real estate, hedge funds and so on -- when you have $20 billion for example....even if you put half a billion freakin dollars into each investment....that's still a whopping 40 investments you have -- (and no one does that anyway)
That means if there is a monthly board meeting by phone, say twice yearly in person reviews or meetings and say, 10 pages of analysis a month to read on each investment then that's 80 flights and 400 phone calls and 4800 pages of information to read a year.....and that doesn't even include emergencies, a CEO dying, a lawsuit, managing the investment staff, listening to 10,000 pitches etc etc ----- so basically you need a mess of staff.
The investment managers are called all day, every day...not just by Joe Sixpack the local financial advisor, but by Lloyd Blankfein and Henry flippin Kravis. Then JP Morgan comes along with a preferred client fund that only the top management and a tiny number of select clients can invest in....now you have 41 investments.
And this is at $500 million a pop. People don't do that on $20 billion -- even on $700 billion sovereign wealth funds they are often in the $100 million range. That's huge, even for giant investors.
Now Joe the genius hedge fund star leaves Apollo and starts his own fund -- his track record is awesome and you like him and know that if you support him on his first raise you'll always be welcome....so what do you do? Give him $500 million? Hells no. No one would do that -- as Chief Investment Officer you will give $1 mil or 5 or maybe 25 mil to a new fund if they really love the guy...but if it's 25 mil then you will want part ownership in the actual fund and a board seat.....now you have two more investments, the fund and the fund company.
To top this off -- how do you track all this? You have the investments split between the family charity, and some in offshore vehicles for that since its tax free but then mirror funds in the US with taxes some funds are not even originally domicile in the US, many have no daily valuation ....sometimes the investments with XYZ PE Fund are actually over 3-4 funds from that company.
So now you have 200 investment statements coming in every month. How do you organize it? Expensive software that doesn't integrate, data entry etc...another half time employee. They are at different banks, custodians, some are illiquid etc. When the time for performance reporting comes how do you track it all etc. and especially considering taxes. When you need money for the new London townhouse you sell something that has gone down to balance some earlier gains but it's in two different entity ties and three different jurisdictions. You have layers of trusts and corporations and holding companies holding various investments.
Now if you are a family office manager you also are handling everything from jet charters to security personnel to buying junior a new house to suing the reporter who lied about rhe boss to finding the rare part for a 1962 Porsche and auditing the house manager of the home in the Alps because you suspect he's been cooking the books on household expenses. At 10pm on Thursday the boss calls and needs $400k for a rare Beretta shotgun he found on vacation in Itally - here's the auction house number, get someone to call, speak Italian, get it done, get it insured and make sure it's legal to ship from Italy and to the US.
The investment team meets weekly, meetings with the boss are monthly but also many special trips -- visits to the bank, due diligence on companies etc.
Add Bitcoin to this mix-- it's weird, odd, you don't have any custodian that your team recognizes who will accept it. They don't know what department it should be under, who's responsibility to manage etc. They decide to take a position, do some due diligence on XYZ Bitcoin and go with them -- the bean counters go visit XYZ and you hire an auditor and a security consultant to make sure it's as secure as they say ....this all takes a couple months. Then the Chief Investment Officer calls his pals at XYZs lead investors and gets an intro to the CEO and after some paperwork and verification gets XYZ to agree to a million a day instead of $50k maximum....but to do this XYZ needs blah blah legal form and an audit or whatever....this is a pain for XYZ btw because they don't know for sure the client will actually buy and they don't make a huge amount relative to the work but they are great and make it all work out. Your internal legal council needs to change the holding co because he's concerned about obscure liability issue and your tax accountant has a list of other concerns. Your estate attorneys have you in for 7 meetings to discuss if Bitcoin can be added to the Grat or your old obsolete family limited partnership and they determine the cold storage needs multi-sig this needs legal agreements etc. Finally it's all done.
Yay. Now we can buy Bitcoin. We buy a million dollars worth. The bank calls and freaks out because they saw $1 mil and "Bitcoin" - they temporary lock the account. You yell at them, threaten to pull business and finally Mr. Big calls a board member and the CEO fixes it with apologies ....that takes 7 days. Now you start again, you buy a million a day every weekday for three months, we need a trader to do all those buys and it takes hours a day to try to get the blocks without moving the market. You get another $30 mil from big block purchases from Binary, miners etc. You do all this while trying to not be noticed, not have anyone mention your name etc because the boss wants to be low profile.
You bring in accountants and experts and learn about cold storage remembering that everything is bigger, different and harder for zillionaires. Also when you hire PWC to check this out and recommend security systems etc. - they are not going to risk their relationship with a big client by messing around...they will charge $100k and have a comprehensive analysis done.
So now you have $100 million in Bitcoin. Moon! BTC goes to $1200 per coin in a year! Yay! Much win.
Guess what?
On your $20 billion portfolio that gained 12% that year.....even after all this time and this incredible luck of Bitcoin tripling in value.... it has accounted for only 1/12th of your gains for the year....basically a months interest on the overall portfolio.
No manager thinks it will triple. If they estimated a crazy pie in the sky of 50% return then you are looking at a week's worth of interest to buy something that's experimental and very risky.
So -- overall -- Bitcoin has gone from inaccessible, to Dwalla to Gox to now great models like Coinbase & Circle. If you are a rich dentist, no problem. If you are a very rich business owner and want to buy $10 mil worth...a little effort and you can do so.
But for the truest global rich we have a bit more of a ways to go before we will see it broadly in major portfolios.
submitted by bruce_fenton to Bitcoin [link] [comments]

The Jekyll Island War

I've written the following article and plan to self-publish it. Before doing so, I welcome your coord, comments and corrections. There are some smart people here and your feedback will make it better. Fire away. Thanks.
The Jekyll Island War
“One stone crumbles and another takes its place and the temple holds its form for a thousand years. And that’s what the Iron Bank is, a temple. We all live in its shadow and almost none of us know it.”
Three months ago in crypto-time, or three weeks ago in real-time, the Bitcoin Barbarian was humming along. Out for a stroll outside the gate. Pocketing $5000 and new all-time highs. The media was writing stories like, Central Banks Can’t Ignore the Cryptocurrency Boom," and, "Is it too late to invest in bitcoin?." Then, suddenly--
"--Bitcoin is a fraud!" "Bitcoin is a bubble!" Traders are “stupid.” "Adoption... is not going to happen."
Wait. What? Where did that come--
“--China *BANS** bitcoin!”*
THUMP WHACK!
Crypto got mugged. JPMorgan Chase did it. Then, just as crypto sat up to see what smacked it, the Red Dragon karate chopped it again. The “China bans bitcoin!” blow was so fast and hard to the head that we’ve already almost forgotten the “Bitcoin is a fraud!” FUD. But hang on. Time out. Go back. Rewind the news cycle a few weeks. Because that fraud news may have mattered. Because it may not have been news. It may have been an attack. Or a precursor to a bigger one. A thunderclap to a coming storm.
How often do we see that much negative, concentrated crypto coverage in 24 hours? JPMorgan Chase CEO Jaime Dimon launched the first strike, then his Global Head of Quantitative and Derivatives Strategy followed through. But it wasn’t just JPMorgan. The mainstream media machine ran and replicated their comments, then piled on with “bubble! Bubble! BUBBLE!” stories from various experts. Negative narrative after negative narrative, in Fortune, Forbes, CNBC, Business Insider... The stories were broad, deep and maliciousness –- Dimon even insulted his own daughter’s intelligence.The comments felt personal and the articles almost seemed…
Coordinated.
I doubt it, because they appeared reactionary and weren’t nuclear. Something got under Dimon’s skin and he lashed out. But this tilted his hand and raised an interesting question; What happens if Banks DO launch a coordinated campaign against Bitcoin? Would they?
Maybe, if they felt threatened.
In 1910, six politicians and bankers, including, ironically, sort of, a representative from JPMorgan, held a secret meeting at Jekyll Island, Georgia. It was secret because what they were doing was contentious; changing who controlled money.
“The meeting and its purpose were closely guarded secrets, and participants did not admit that the meeting occurred until the 1930s.”
They secluded themselves for 10 days and wrote the Federal Reserve Plan, which was largely incorporated into law in 1913 as the Federal Reserve Act. This act created the Fed, Federal Reserve Notes (the standardized dollar), and America’s modern monetary system.
Since then, the United States has used this system. In this, the Fed sets monetary policy and produces dollars in variable amounts at various times. Banks create more money through fractional reserve banking, and process transactions between users. It’s a closed, centralized system, because the USG, Fed and Banks control it.
In 2009, Satoshi Nakamoto released Bitcoin. Like the Federal Reserve Act, this also created a currency, the bitcoin, but unlike the Federal Reserve Act, computer code sets monetary policy and miners produce bitcoin in fixed amounts at fixed times by processing peer-to-peer user transactions. This is an open, decentralized system, because no central authority controls it at a central point of failure.
The central banking system and Bitcoin are two different and inherently conflicting ways of creating, managing and processing money. When Nakamoto mined the genesis block, for example, he/she/they carved a message in it that read, ‘The Times 3 January 2009 Chancellor on brink of second bailout for banks.’ This was The Times of London’s newspaper headline on 3 January 2009. The message timestamped Bitcoin’s inception, and implies that “Banks are bad, Bitcoin is better, and it’s coming after you."
When Nakamoto mined the genesis block, he was the only person in the world who used bitcoins, until he made the first bitcoin transaction with Hal Finley on 12 January 2009. Then, a bitcoin was worth zero and its market cap was zero. Today, eight years later, it’s worth $3700 and its market cap is $61 billion. JPMorgan’s market cap is $334 billion.
“Before the Fed’s creation, no central banking system in the United States lasted for more than 25 years.”
As Bitcoin grows, it competes and conflicts more and more with the central banking system(s), because both systems fight for limited users and value. As is, Bitcoin doesn’t end until it replaces or subsumes the central banking system itself, or is outcompeted and destroyed by it. Nakamoto released a virus, or antibodies killing a virus, depending on your perspective.
Cryptocurrency experts frequently say that Bitcoin and the blockchain may be as disruptive as the internet was in the 90s. But it may be more. The internet was more innovative than disruptive, and created more companies than it killed. It was a whole new thing in unexplored space that threatened private, apolitical companies, while Bitcoin replaces a pre-established thing in occupied space that threatens quasi-public, political institutions. The USG didn’t bail out Blockbuster. Blockbuster wasn’t “too big to fail.” They failed. The USG bailed out banks for a $29 trillion dollar problem they created.
Bitcoin feeds on the Fed itself.
Given this, if Bitcoin keeps growing as conceptualized and coded, and keeps consuming Banks’ market share, they may retaliate. Nothing wants to die in the jungle. But can they?
They already have lawyers, lobbyists, marketing and money. They make money. Literally. The Fed creates a dollar from thin air whenever it wants and loans it to JPMorgan and other banks, who are allowed to re-loan it until the bank has created $10 from that $1. After creating $10, the banks pocket interest on it. They then hold most the money they created and loaned (via cash and debts). Where’s all your money that’s not in crypto or hard assets? They have it. Actually, they don’t. If everyone simultaneously withdrew their deposits, the banks couldn’t cover them, because most that money doesn’t exist physically. It’s debits and credits in private accounting ledgers re-loaned over itself several times. In central banking systems, banks don’t even have to have the actual money to have the money, somehow. But they can still charge you real transaction, ATM and overdraft fees on this money, to make more money. They hold your money and charge you to use it. So they make money, re-lend it to you to make more, and charge you to transact it, even though they don’t necessarily have it.
JPMorgan said that bitcoin is a “pyramid scheme” -- compared to what, the central banking system? Side by side, which system looks more suspect; Bitcoin or the Banks? Fair question. Dimon also said that bitcoin is “just not a real thing,” but every bitcoin has hard code that exists in a ledger that anyone can check anytime anywhere in the world. Where do those nine fractional reserve dollars exist? If everyone withdrew all their bitcoin from the Bitcoin system, every bitcoin could be printed on paper with qrcodes and accounted for. If everyone withdrew all their dollars from the central banking system, the Banks couldn’t produce them. A strong argument can be made that the central banking system is a fraud, in a bubble, and that bitcoin isn’t appreciating, but the dollar is depreciating.
When does Bitcoin get so big that Banks retaliate?
$5,000 a coin aggravated Dimon, and China is on the war-path. Ironically, China banning ICOs and cryptocurrency exchanges may delay a coordinated attack, because it relieves pressure on the banks, and Dimon and others can point to crypto’s subsequent crash and smile smug. They’re right. They called it. The State beat Bitcoin, and the Banks have the State. But if Bitcoin recovers (again), it’ll return stronger than ever (again), and take a bigger swipe at the ogre’s lunch.
How much fire-power can Banks unleash if they organize and attack?
They can hit crypto with PR firms, press releases and an incoming slander storm of anti-bitcoin “news,” and they can redirect their lawyers and lobbyists to seduce Congress to create regulation, and possibly pressure the IRS to enforce it. Take the recent headlines, for example, about North Korea skirting sanctions by stealing and mining bitcoin. This is PR ammo for Banks. Banks can press this story into politicians and leverage it for regulations. Even if the regulations fail the stigma sticks and bitcoin has another bad-news headline; Silk Road, drugs, Mt. Gox, Wannacry, North Korea… Interestingly, the blockchain isn’t burdened with this branding, and may give Banks a graceful out to adopt and profit from crypto instead of attacking it.
What can crypto do to defend itself from a possible coordinated attack?
Cryptocurrency has the technology and truth, which speak for themselves – when heard through the FUD. Cryptocurrency makes sense. It’s technologically better. It eliminates middlemen and optimizes process, so it’s faster and cheaper. It’s also a better store of value than deflationary money, and more liquid than gold. It eats less and leaves more for everyone else.
Once, for example, it took the banking system two months to wire money from my bank in the United States to a bank in Mumbai so I could buy a car. Why can an ATM in Mumbai tell me my bank balance in the United States in seconds, but it takes two months to “wire” money? Because that money passed through several regional and central banks, each of which held it for “three to five working days” for some reason and charged transaction fees. Bitcoin makes the same transaction in minutes, peer-to-peer, for pennies. Banks can’t compete. It’s not even close. The old ogre has the high ground. But sitting atop a hill makes you fat, while climbing it makes you hungry, so the ogre will have to resort to censorship and propaganda.
Bitcoin’s code also protects. Because it is decentralized, it doesn’t have significant and synchronized marketers, lawyers and lobbyists like a bank. It struggles to reach consensus and act, and can’t issue press releases or send people to Capitol Hill very well. But, it has a million nodes of light. It’s everywhere and nowhere. Where do Banks attack? Who do they sue, legislate and outspend? If Bitcoin was a centralized company, the market could have already killed it, like Digicash, but it’s not, so the ogre has to fight for the first time in 104 years without some of the weapons he uses to fight with. This decentralized, diffused attack surface is part of Bitcoin’s beauty and Nakamoto’s genius. Banks, however, can still target exchanges, miners and tax dodgers.
They can also poison people not yet using crypto, because Bitcoin has a PR problem that may get worse. Numerous people, born into the banking system, think the matrix makes sense, and still think bitcoin is a Ponzi scheme to buy drugs. The other day, for example, I mentioned bitcoin to a well-educated, well-read and highly paid professional colleague. “Bitcoin?” He replied, “I thought that was a scam?" Try it. Ask a few laymen what they think about bitcoin.
In sum... Bitcoin isn’t an esoteric sidechain anymore. It’s not (just) techie geeks trading Magic playing cards. It’s an asset class with market share and momentum that threatens big banks, big money and big power. Where did we think this train was going? The Iron Bank is a fat ogre, but it’s got the high-ground and motive and means to fight, so the Jekyll Island War may intensify and the jekylling may be violent -- a war for the creation and control of money itself.
submitted by benbridger to btc [link] [comments]

[uncensored-r/Bitcoin] Want to know why so many young people are buying Bitcoin?

The following post by panjialang is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7jcfwb
The original post's content was as follows:
Why has Bitcoin septupled in only half a year? Because if it works as promised, it's decentralized and free of the meddling of any government, especially our own government. Notice the financiers all hate it. JP Morgan CEO Jamie Dimon called it a "fraud," and all of the media repeated it. Bitcoin's value skyrocketed after that.
It's because the entire corporate media was unanimous about invading Iraq even though it was based on a lie. That can't be understated - the government knowing and willingly lied to everyone. It wasn't a "strategical blunder." Thousands of Americans died, millions of Iraqis dead, leaving it wide open to the worst extremist groups imaginable. Hundreds of thousands of Iraqi children are being born with defects because of the leftovers of our weapons. No prosecutions, no arrests, no one is punished, nothing changes. We're still at war with even more countries now, and we would be at war with more if not for the protests of citizens.
It's because we now know that Saudi Arabia was involved in 9/11, and because the US govt flew out Saudi royalty right after the attacks, and because that country is our "ally" even though they finance Islamic terrorism and have horrendous human rights records. While we're having our own Crucible going on about sexual harassment, Saudi Arabia which treats woman like second class citizens is just okie dokie with us.
http://www.cnn.com/2016/09/09/politics/house-9-11-sue-saudi-arabia/
It's because financial institutions and banks, who receive billions of taxpayer dollars from the Fed for free and then get to turn around and loan it out to people at interest before inflation has devalued one cent of it, while we are trillions in debt, who deliberately defrauded MILLIONS of hardworking people out of their pensions, got slapped with fines the equivalent of a traffic fine compared to how much money they make. No prosecutions, nothing happened, nothing changed, and now members of the government during that time are right back working for Wall Street as consultants. While savings accounts pay less than 1% annual return.
It's because corporations who enjoy record profits have all the power pay hardly anything in taxes and stash all their profits overseas, while the life of the average working American gets shittier and shittier.
It's because grads with student loans were preyed upon with high interest loans because the government let them, and because public university raised their tuition to extortionate higts because the government let them, and sold a bill of goods about how everyone needs a college education only to enter the worst job market in generations with debt so high just to get a B.A. you'd think they just finished medical school. and its one of the only if not the only types of debts that wont go away with declaring bankruptcy, interestingly enough.
It's because while the GOP is trying to push through a tax bill that's going to cheat even more Americans out of their wealth, including teachers deducting classroom supplies that they have to buy themselves because public budgets already dont pay for it, all the "liberal" media can talk about is some BS conspiracy theory about Russia that is shown again and again to be completely baseless, and polls have shown that only 6% of Americans consider it a top priority, yet thats all you see on the news every single day.
It's because our government of our so-called free country decided that they can decide what substances people can put in their bodies, and therefore created the largest gulag state known to man, where we imprison more people per capita than any other country in the world - more than China, more than Russia, more than North Korea - with 4.4% of the world's population we imprison 22% of the world's prisoners. Nearly one out of 100 Americans are behind bars at any given time.
It's because the only politician in our lifetimes that actually seems like he gives a crap about people and not just money was betrayed, cheated and railroaded by our own "liberal" media and our own "liberal" political party, and those who supported him were bullied and manipulated and lied to and insulted and discredited, and are still are, and no one seems to care.
It's because we're supposed to praise the gods for having been delivered crappy, byzantine and overpriced insurance, because even though we're the wealthiest country in the world, and even though the vast majority of voters want single-payer, both political parties have infinite numbers of reasons and excuses of why we can never have that.
yeah...go bitcoin...
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

[uncensored-r/Bitcoin] Okay guys, time to be serious. Down $2,000 USD in a matter of days.

The following post by westinghau5 is being replicated because the post has been silently removed.
The original post can be found(in censored form) at this link:
reddit.com/ Bitcoin/comments/6zt058
The original post's content was as follows:
The ban hammers in China, JP Morgan CEO and investors spelling the end of cryptocurrencies, do you guys really think we can change the world together because I JUST WENT ALL IN ON BTC LETS GO HODLR FOR LIFE !!!!!!! NO EVEN TROLLING I'M NOT MARRIED I DONT HAVE KIDS FUCK IT BUY BTC GET RICH OR DIE TRYING WHY IS NORTH KOREAN GOVERNMENT THE ONLY PEOPLE GET "GET IT" RIGHT NOW? THEY ARE CURRENTLY HACKING EXCHANGES FOR THE MOST VALUABLE THING ON EARTH RIGHT NOW AND THAT'S CRYPTO. GREAT DEAR LEADER ALREADY HAS USA BY THE BALLS. WHY IS THE WORLD SO BACKWARDS?
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

09-13 09:32 - 'Okay guys, time to be serious. Down $2,000 USD in a matter of days.' (self.Bitcoin) by /u/westinghau5 removed from /r/Bitcoin within 133-143min

'''
The ban hammers in China, JP Morgan CEO and investors spelling the end of cryptocurrencies, do you guys really think we can change the world together because I JUST WENT ALL IN ON BTC LETS GO HODLR FOR LIFE !!!!!!! NO EVEN TROLLING I'M NOT MARRIED I DONT HAVE KIDS FUCK IT BUY BTC GET RICH OR DIE TRYING WHY IS NORTH KOREAN GOVERNMENT THE ONLY PEOPLE GET "GET IT" RIGHT NOW? THEY ARE CURRENTLY HACKING EXCHANGES FOR THE MOST VALUABLE THING ON EARTH RIGHT NOW AND THAT'S CRYPTO. GREAT DEAR LEADER ALREADY HAS USA BY THE BALLS. WHY IS THE WORLD SO BACKWARDS?
'''
Okay guys, time to be serious. Down $2,000 USD in a matter of days.
Go1dfish undelete link
unreddit undelete link
Author: westinghau5
submitted by removalbot to removalbot [link] [comments]

JP Morgan Says BITCOIN & CRYPTO Have Staying Power - Gemini Hires Former Goldman Sachs Exec Jamie Dimon of JP Morgan Thinks Bitcoin Will Die, Again, Snubs His Own Daughter On Live TV JP Morgan CEO: Bitcoin Is A Fraud - YouTube JPMorgan CEO Jamie Dimon: I Could Care Less About Bitcoin ... JPMorgan CEO: Government Will Close Down Crypto

Jamie Dimon, CEO der weltweit größten Investmentbank JPMorgan, hat sich wieder einmal zu Kryptowährungen und der Blockchain-Technologie geäußert. Dieses Mal fallen seine Aussagen zur Kryptowährung Bitcoin wieder schärfer aus, die Blockchain hingegen wolle JPMorgan auch weiterhin verstärkt nutzen. Nach einer etwas längeren Funkstille ist der Bankenchef nun also wieder in den ... Der von Twitter-CEO Jack Dorsey gegründete Zahlungsdienstleister Square gilt schon lange als Befürworter von Kryptowährungen. Erst kürzlich unternahm Square einen Bitcoin-Kauf in Höhe von ... Bullisher Bitcoin-Bericht von JP Morgan: Das sind die 3 wichtigsten Punkte. Von. Martin Schwarz - 27. Oktober 2020. 0. WhatsApp. Twitter. Facebook. Linkedin . Email. Pinterest. Tumblr. Google+. Am Freitag hat die Wall-Street-Bank JPMorgan einen Bericht veröffentlicht, der ausführlich die neuesten Trends bei Bitcoin und Kryptowährungen behandelt. Das Wissen um einen neuen Bericht hat den ... Bitcoin: JP Morgan sieht glänzende Zukunft für Kryptowährung Nr. 1. 27.10.2020. 0 0 2 Minuten gelesen. Noch vor kurzer Zeit war JP Morgan großer Gegner von Bitcoin. Nun erkennt er ein enormes Potenzial in der Kryptowährung, die sie auf mehrere Ursachen zurückführt. Die US-amerikanische Bank JP Morgan wagt einen bullishen Ausblick auf den Bitcoin-Kurs. Mit einer am 23. Oktober ... Dies sind die ersten Exchanges, welche von JP Morgan unterstützt werden. Laut WSJ hätten beide einen langen Prozess von Überprüfungen durchlaufen, seien im vorangegangenen Monat angenommen worden und würden aktuell bereits bedient werden. Zu den Dienstleistungen würden etwa Clearing House (ACH)-Transaktionen und Cash Management gehören.

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JP Morgan Says BITCOIN & CRYPTO Have Staying Power - Gemini Hires Former Goldman Sachs Exec

JPMorgan CEO Jamie Dimon breaks down his view on bitcoin while speaking Friday at the Institute of International Finance. » Subscribe to CNBC: http://cnb.cx/... JP Morgan clearly feels threatened by the new economy, bearish on bitcoin but long blockchain? Dimon proving to be another "alt coin pusher", will JP Morgan's blockchain project find support from ... Bitcoin "is a fraud" and will blow up, said Jamie Dimon, CEO of JPMorgan Chase & Co. He was speaking at a bank investor conference in New York. TOI : Subscribe to Times Of India's YouTube channel ... J.P. Morgan Chase will be the first major U.S. bank to create its own cryptocurrency. In trials set to start in a few months, a tiny fraction of the $6 trill... JP Morgan just announced the creation of JPM Coin, a "digital coin designed to make instantaneous payments using blockchain technology". Naturally, people are freaking out (myself included) over ...

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