Where To Buy Bitcoin San Diego - video dailymotion
Where To Buy Bitcoin San Diego - video dailymotion
Buy and Sell Bitcoins in San Diego, CA, USA with ...
Bitcoin ATM San Diego University Ave & 41st St DigitalMint
Bitcoin & Open Blockchain - San Diego (San Diego, CA) Meetup
Bitcoin ATM San Diego Park Blvd & Monroe Ave DigitalMint
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Another update on my solar powered farm and bitcoin mining in the desert
Tl;Dr - Just skip to the bottom where I lay out my solabattery requirements for mining and my solabattery requirements for vertical farming. Oh...and costs and earnings. Well, Summer is here and we have had some extremely hot weeks. This has given us a chance to test our greenhouses at temperatures of 126F/52C. We are still up and running quite well. Our energy requirements have gone up quite a bit. But the electricity we are consuming is right in line with our estimates. We do not feel that the temperatures will be any higher than the numbers we have seen so far. Unless Global Warming is for real...because now that I think about it, we did blow through our all-time-high in temperatures...and this was the last day of Spring, if I recall. We are ordering all of our equipment directly from China. Our 40' greenhouses are extremely cheap to build in China. We are building them for about 40% of what companies like Freight Farms and Bright-Agro-Tech are selling their systems for. Our system is at least 90% as good as their systems. But we do have many bugs, it seems when we first receive them from China. Perhaps my main complaint. They can be a bit finicky. I would not want to sell these as the customer service would consume me. Our most simple greenhouse uses between 250 and 450 kwh per day. I am in San Diego. Our residential rates from SDG&E are $0.43 per kwh. That is crazy high, for the record. This would cost between about $105 and $190 per DAY. Between about $3,000 and $5,500 per month. Most people in the US pay about $0.11 per kwh. This would equate to a monthly bill of $750 and $1350 per month. The Arizona desert pays that rate, for example. Next, these greenhouses grow about 4,000 heads of lettuce per month. Wholesale price for this lettuce is $1. We sell direct to the end user. We charge $1.50. But at wholesale prices, this generates $4,000 per month in revenue. Labor is 10 hours per greenhouse. We pay $20 per hour. When you add all the California bullshit taxes and fees for employees this puts us at about $30 per hour. We also have insurance and Workers Comp. This is about $40 per month for each greenhouse. Ok, now for the solar and battery requirements. We use 150 panels of 300 watt panels. I know...this is a lot. It takes a lot of space. You need a lot of cheap land. We spend about $0.45 per watt for solar panels from China. Our lettuce greenhouses run for 8 hours per day with lights. The other 16 hours we go "dark" and do not use much energy (just pumps, air conditioning and a few devices). We run the lights and everything during the peak sun hours. This allows us to not purchase as many batteries because we are turning the sun directly into the farming and lighting. Then, when the sun starts to wane, we turn most systems off and just remain in a well-insulated state. The battery requirements are still large, however. We currently use 50 lead acid batteries for each greenhouse. Each battery is 24V and 200 amp hours. Each battery costs us $180 from China. Ok, how does this all tie into bitcoin and bitcoin mining? Here's the answer. Each Antminer S9 uses about 1400 watts when it is placed in the environment of our lettuce greenhouse. We place between one and four miners in each greenhouse. We need about 6,000 watts in solar panels to charge up the batteries and simultaneously run one S9 for 24 hours straight. We need 15 of the 24V/200 amp hour batteries for each miner. Cost for panels is $3,000. Batteries are $2750. The miner, when you buy from Bitmain is $1225 delivered to your door in the US. I have over-clocked the miners as high as I am comfy with. I am generating 0.007 btc per miner per day right now. That is about $18 per day at today's rate. So here is how it all breaks down for the vertical farm: cost for one lettuce farm that is 100% off grid is about $90k. This includes EVERYTHING... solar, batteries, control systems, installation and framing for the solar, greenhouse, all equipment, air conditioners a water cooler...everything. Monthly labor, insurance, nutrients and supplies is $1500. Shipping of the lettuce is about $400. Total net profit is about $2100 per month. And $25,000 per year. Mining...ok...this is the wobbly one to predict. Just remember this and it'll make it all easier to accept these numbers: bitcoin is probably headed to $10,000 within 3 years. If you don't believe that then much of this will just be comical to you (if it isn't already). One miner will cost (miner + solar panels + batteries + power control systems + cooling equipment and the solabatteries to support it) = $8000. The solar and battery system costs a total of $6800. The miner is $1200. Once you have purchased the solar and batteries, you own them forever. They can be used to mine for 25 years for solar and at least 6 years with the lead acid batteries. You can amortize these costs. If bitcoin drops to $0 then you can instantly switch your solar and batteries to your farm. This is how I backstop my potential losses. Now, here is the magical way we have figured out how to avoid the "decay" that is built into the miners: we run them for 4 to 8 weeks then we sell them on the open market at a premium over cost. When you purchase large numbers from Bitmain, they will offer you a discounted price. The miners seem to always go up in value in between releases fom Bitmain. After 6 to 9 months of reselling at this pace, you will make all of your initial investment back in the miners. You will also stay current with the miners. So, one miner will generate about 2 btc per year (when you stay ahead of decay). That is $5,000 per year at today's rate. If bitcoin follows the trend (and you believe) then I expect that you will generate $6500 or more within one year from mining today. This means the system will completely pay for itself (including solar and batteries) in about one year. Oh...and then after a year, you own a brand new miner (cuz you have been constantly reselling them to stay current and slightly profit). Oh...and you how have 6kw of solar AND batteries...just keep mining til bitcoin is outlawed. You are now in a unique position...your mining rig costs you $0 from this point forward. I have calculated the amount of profit you can make if you build your own solabattery array and point this array to different businesses. One business is a modern, vertical farm which is good for the environment and makes healthier food. The other is a bitcoin mining operation. Both businesses have energy as their single largest cost of doing business. I like the idea of having two businesses that I can just point an energy source towards and they start making money. Isn't that kinda cool to think about? Farming generates a net profit of $0.22 per kwh from a solabattery system. Bitcoin mining generates $0.51 per kwh for the exact same system. Think about that for a minute. Also, what the fuck? If bitcoin actually does take off, imagine how it will pollute the world with miners in places with shitty but cheap fossil fuel. Shouldn't we be mining on renewable energy since...let's be honest, bitcoin shouldn't really exist? It only exists because people lie a bunch. It seems like protecting ourselves from our despicable selves shouldn't turn the world into a toilet that may become uninhabitable. I just wanted to share everything with this community. If it weren't for this community, I would have been nervous about trying this crazy idea. What I mean by this is that I appreciate the handful of people here who have a lot of bitcoin and just handed them over to me so that I could test this TOTALLY insane and HIGHLY SPECULATIVE business model. I told you (those who lost their btc to me) that I will make it up to you. For the couple of you who didn't threaten to kill me, I will return your btc when my profits from mining hit 4,000 btc, unless the price is under $3100 per btc...seems fair...you did lose...and it was a fair bet. I hope for several things from this post. (1) The nice people who are here hopefully will take this info and appreciate what went into getting these numbers. (2) Someone will read this, run the numbers themselves and decide to do the exact same thing. (3) Someone in an area with good sun, year round, will set up a mining operation based on my model. (4) Someone will bet me publicly again that I am lying. (5) Someone interesting will buy the land next to mine and compete head-to-head with me...I seem to perform better under competition. To;Dr - To take a miner off grid, in a sunny place, will cost $8,000 (including the miner). You'll break even in a year if you follow my plan (and if fate complies as well). One 40' greenhouse that is off grid costs me $90k. Least amount of net profit per greenhouse is $25,000 per year. Average net profit is $36,000per year, typically from blending lettuce and other crops such as basil. Farming generates a net profit of $0.22 per kwh from a solabattery system. Bitcoin mining generates $0.51 per kwh for the exact same system. Think about that for a minute. We sell energy back to the grid for about $0.05. Does anyone look at this the way I am looking at it?...I am just curious. Anybody have any questions?
Bitcoin Not Accepted: Burger King’s Crypto Foray Short-Lived
News by Cointelegraph: Julia Magas The German branch of Burger King has begun accepting Bitcoin (BTC) on its website and mobile app, as reported by Cointelegraph on Sept. 3. But has the initiative increased consumer demand for the company’s fast food, and is it really possible to buy the popular Whopper burger with Bitcoin? What difficulties has the restaurant faced in its three years of cryptocurrency experience?
Whoppers for Bitcoins
Burger King was one of the first international fast-food chains to accept Bitcoin as a means of payment. For the first time, visitors were reportedly able to buy burgers with crypto back in 2016 when the Netherlands branch of Burger King started accepting Bitcoin, with the first restaurant offering burgers to crypto holders located in Bitcoin-friendly Arnhem. The announcement was made by the first Bitcoin embassy on Feb. 18, 2016. The Burger King Arnhem branch also announced that any customer who pays in Bitcoin will get a second Whopper for free and that the restaurant will host special meetups for those interested in digital currencies. However, on May 31, the Arnhem Bitcoinstad representatives announced that local Burger King restaurants have stopped accepting Bitcoin and the digital currency payment initiative was just a temporary promotional campaign:
“Unfortunately, Burger King no longer accepts bitcoins after 31 May. So you only have a chance this month to take advantage of their offer! If you pay Whopper with bitcoins, you will receive a second Whopper for free!”
You can’t use or trade WhopperCoin
Since that time, crypto burgers have reached Russia. Burger King Russia announced a new payment method and even released a WhopperCoin loyalty bonus. But has anyone heard anything about Bitcoin and Burger King since then? Hardly. On Aug. 25, 2017, 1 billion WhopperCoins (WHO) were issued using the Waves blockchain. The new cryptocurrency was intended for buying Whoppers or other burgers and sides. In particular, the company promised a free flagship Whopper to any customer who accumulates 1,700 coins. At the same time, Burger King Russia actively promoted its cryptocurrency, and the translated statement claims that “eating Whoppers today makes for a financially prosperous tomorrow.” One can find out whether WHO holders have gained financial success by looking at the trading charts on the YoBit exchange. To date, YoBit is the only exchange on which WHO is listed, although WHO-BTC trading volumes stand at zero. It’s not so easy to find a Russian Burger King restaurant where Bitcoin payments are accepted, nor is it possible to make an online order using crypto. This may be caused by the active interference of Russian authorities in the local franchise’s activities. Specifically, the Moscow prosecutor’s office repeatedly summoned representatives of Burger King Russia to explain the operation of WhopperCoins and confirm that the company hadn’t issued its tokens for general use, reminding them about the illegal nature of cryptocurrency operations in Russia.
“Wir akzeptieren Bitcoin”
After two years of silence, the Burger King-Bitcoin tandem reappeared in the media, with the German division’s announcement that it will now accept Bitcoin payments on its delivery site and mobile app. The news and subsequent user discussion quickly spread across the internet:
“BREAKING: Burger King in Germany now accepts Bitcoin in their app!\“Every day more than 11 million guests visit Burger King restaurants around the world. It’s the second largest fast food burger place in the world.“BTC accepted here, BTC accepted there, BTC accepted everywhere!”
To increase the volume of its retail sales, Burger King has created a mobile application. It was reported that San Diego’s Tillster, which seeks to adapt to the ever-growing customer base of a restaurant chain and the requirements for a well-scalable payment system, has become a partner in its creation. Perse Faily, CEO of Tillster, said:
“For consumers, they are able to utilize a convenient easy way to pay for their goods and opt-in to additional services that brands are developing, […] such as loyalty programs, exclusive coupons and other engagement tools.”
Notably, Burger King chose to remain silent about the new payment method, while a more detailed study showed that its restaurants have nothing to do with Bitcoin, although its partner does. So, can a burger be bought for BTC at a Burger King in Germany? Yes, but not in its brick-and-mortar restaurants. One can pay with Bitcoins and Bitcoin Cash (BCH) by ordering delivery online through the Lieferservice delivery service, which works with restaurants throughout the country. In other words, it’s akin to Apple announcing that AirPods have become available for purchasing online, but were actually sold on Amazon. As it appears, this is not Burger King’s own initiative. At the same time, Burger King Lieferservice redirects users to BitPay upon ordering products, which, in turn, generates a QR code for payment in Bitcoin or Bitcoin Cash.
Where can I really pay with Bitcoin?
Judging by interactive Coinmap statistics, the number of offline venues accepting Bitcoin today exceeds 15,400. From time to time, information appears on the internet that visitors of one establishment or another can pay with cryptocurrency. In May, United States-based payment service Flexa enabled Starbucks and 14 other retailers to handle Bitcoin transactions. In July, Singapore’s food chain KOPItech installed special stall-specific kiosks for customers to order food using cryptocurrencies. But does any of this really work? With Bitcoin, Ether (ETH), Litecoin (LTC) or Dash, one can buy burgers, street food, coffee, pizza, or sushi in the U.S., Australia, the United Kingdom, Russia, Canada, Japan, Malaysia and even Kenya. In the Estonian capital of Tallinn, the convenience of cryptocurrencies was much appreciated by coffee houses — clientele can pay with crypto at 10 venues. A cryptocurrency wallet can be used to buy pastries at Dublin’s Krust Bakery and sweets at Rom’s Steccolecco. Meanwhile, cryptocurrency payments are accepted at 94 restaurants to date in the U.S., according to BitcoinRestaurants.net. In most cases, small, private venues or local franchises of large chains are the ones taking the initiative. As for the latter, the idea of using cryptocurrencies as payment has usually come from a local restaurant owner and is an advertisement in nature. A popular example is when the Canadian branch of another fast-food giant, KFC, announced a temporary promotional campaign on Jan. 11, 2018 that included BTC payments. The restaurant owners decided to support the popularity of cryptocurrencies by adding “Bitcoin Basket” to the menu — i.e., a bucket of chicken wings. A competitor of KFC, Subway, has also been reportedly attempting to set up Bitcoin payments to attract customers. Emily Rossi from Ruder Finn, a PR agency claiming to work with Burger King, noted that, as a rule, such promotions are temporary:
“It seems that the one restaurant that was accepting bitcoin may no longer be accepting it. Again, though, it varies by restaurant since each is independently owned and operated, so it’s up to each franchisee, not headquarters.”
How to pay with Bitcoins?
In most cases, restaurants and cafes use a QR code to receive cryptocurrencies, and the role of processing is assigned to operators such as BitPay and Coincheck. Meanwhile, developing countries often resort to local mobile applications that are developed to order. By scanning the QR code, customers are able to transfer money from their cryptocurrency wallets to the ones belonging to venues. Transaction records are permanently stored on the blockchain, while account information remains private. Atila Ajdinovski, the owner of a Bitcoin-friendly restaurant in North Jersey, claimed that using cryptocurrency as a form of payment could be more secure than paying with a credit card:
“When they have your credit card, they have the expiration date. They have all the codes. They can turn around and rob your credit card without you knowing.”
Despite prohibitive cryptocurrency laws, many venues are forced to come up with backdoors. One of these is converting client funds into fiat money, while conducting internal accounting in the traditional currency. Many restaurants try to circumvent the law by calling their cryptocurrency “loyalty bonuses,” like Russia’s Burger King and Lavka-Lavka, a farm-to-table restaurant chain. The owners of both establishments have repeatedly attracted the attention of authorities and even dealt with lawsuits. Another problem faced by cafes wishing to accept cryptocurrency is the lack of widespread use of digital money. This question is especially relevant in developing countries. The venues have found a solution by installing crypto machines that exchange fiat for BTC, allowing everyone who wants to try something new but lacks cryptocurrencies to use the machine. Such an initiative was introduced in Prague, a unique project of a cafe and coworking center where payment is made exclusively with digital currency. That being said, when a restaurant doesn’t pay for the transaction fee, the client may encounter paying a rather high one in some cases. A customer of a Ukrainian restaurant paid around 21% for processing the payment, sharing his negative experience on the internet:
Good for promotion, but premature for large-scale use
Most often, Bitcoin is accepted by small local cafes or family restaurants. Many representatives of large chains are testing this feature in individual venues, but are not introducing it at a large scale. Some news regarding BTC acceptance can simply be attributed to PR campaign and a desire to make the headlines of the media amid the growing popularity of cryptocurrencies. In many respects, the reasons for the slow development of cryptocurrencies in the food and beverage industry are related to regulatory issues and ambiguity around the legal status of digital money, as well as consumer distrust in a new form of payment. Meanwhile, the prevalence of progressive Bitcoin-friendly cities like Arnhem, where locals pay with cryptocurrency as often as with bank cards, are indicative of a future cashless society.
ShareRing The world’s first web platform for sharing goods and services. One way to pay for sharing everything, no matter what it is or where you are. ShareRing is an on-demand platform that connects the highly fragmented sharing economy by bringing together sharing services across all industries and geographies. Using our decentralized marketplace, users can securely access, connect, and pay for services anywhere in the world. We’re developing an ecosystem that is essentially the Amazon for the sharing economy. Our pilot online marketplace is launching in November in parts of Australia, Hong Kong, and The United States. Be sure to follow the most recent updates on our Medium or Telegram Announcements channel
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Keaz is the sister company of ShareRing and a global leader in white label car-sharing solutions. Established in 2013, Keaz clients include Toyota Fleet Management in Australia, Envoy of California, and YooGo who was recently promoted by the PM of New Zealand. Keaz is a private company serving (both corporate and consumer) in over 300 locations in New Zealand, USA, and Australia. We have offices in Australia, Hong Kong, Vietnam, San Diego, and Denver.
MOBI The mobility open blockchain initiative. Alliance of almost 70% of the world's large automakers, along with many start-ups, non-profits, governments, transit agencies, and technology companies working to make mobility services more efficient, affordable, greener, safer and less congested.
DJI Drones We are happy to announce DJI as a foundation partner of ShareRing. We will be working with them and their Australian distributors to provide an online service for them to share/rent their drones to governments, corporations, and for trade/events.
BYD Here’s a quote from Wing You, the country manager of BYD Australia: “BYD are very excited to work with ShareRing in Australia on this project, this is also a great opportunity for BYD to show our EV technology.” BYD Ranks #1 in the world for electric car sales and will be the first foundation customer of ShareRing
Keaz,The team behind ShareRing already has experience in the sharing economy after starting the vehicle-sharing brand Keaz in the middle of 2013. Keaz will be the first client integrated into the ShareLedger.
YooGo, an established white label client of Keaz now partners with ShareRing. Yoogo recently launched a 100% electric car initiative through the promotion with the prime minister of New Zealand. Yoogo completed a 100 electric vehicle deployment for the city of Christchurch and will aim for Auckland as its next destination.
For a complete list of our partners, please visit our website
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Agustín Carstens, General Manager of the Bank for International Settlements (BIS, the central bank of central banks) on Cryptocurrencies today
I'd like to hear your thoughts on his lecture held today at the Goethe University in Frankfurt, Germany. Read the full transcript here or via pdf link. https://www.bis.org/speeches/sp180206.pdf 1/10 Money in the digital age: what role for central banks? Lecture by Agustín Carstens General Manager, Bank for International Settlements House of Finance, Goethe University Frankfurt, 6 February 2018 Introduction Good morning, ladies and gentlemen. Thank you for that kind introduction, Jens. I am very happy to be here at this prestigious university and to be part of this impressive lecture series sponsored by Sustainable Architecture for Finance in Europe (SAFE), the Center for Financial Studies (CFS) and the Deutsche Bundesbank. I would also like to thank Professor Brigitte Haar for being such a generous host today. It is an honour to discuss money at an event organised by the Bundesbank, which has been a beacon of stability since its foundation some 60 years ago. As Jens can attest, being a central banker is a fascinating job. In fact, it is a privilege. During the last decade it has been anything but quiet in the central banking world. We have been confronted with extraordinary circumstances that have required extraordinary policy responses. In such an environment, it has been of the utmost importance to share experiences and lessons learnt among central banks, creating a body of knowledge that will be there for the future. One of the reasons that central bank Governors from all over the world gather in Basel every two months is precisely to discuss issues at the front and centre of the policy debate. Following the Great Financial Crisis, many hours have been spent discussing the design and implications of, for example, unconventional monetary policies such as quantitative easing and negative interest rates. Lately, we have seen a bit of a shift, to issues at the very heart of central banking. This shift is driven by developments at the cutting edge of technology. While it has been bubbling under the surface for years, the meteoric rise of bitcoin and other cryptocurrencies has led us to revisit some fundamental questions that touch on the origin and raison d’être for central banks: • What is money? • What constitutes good money, and where do cryptocurrencies fit in? • And, finally, what role should central banks play? The thrust of my lecture will be that, at the end of the day, money is an indispensable social convention backed by an accountable institution within the State that enjoys public trust. Many things have served as money, but experience suggests that something widely accepted, reliably provided and stable in its command over goods and services works best. Experience has also shown that to be credible, money requires institutional backup, which is best provided by a central bank. While central banks’ actions and services will evolve with technological developments, the rise of cryptocurrencies only highlights the important role central banks have played, and continue to play, as stewards of public trust. Private digital tokens posing as currencies, such as bitcoin and other crypto-assets that have mushroomed of late, must not endanger this trust in the fundamental value and nature of money. What is money? “What is money?” is obviously a key question for any central banker, and one on which economists have spent much ink. The answer depends on how deep and philosophical one wants to be. Being at a university, especially one named after Goethe, I think I can err on the side of being philosophical. Conventional wisdom tells you that “money is what money does”.1 That is, money is a unit of account, a means of payment and a store of value. But telling you what something does does not really tell you what it is. And it certainly does not tell you why we need or have money, how it comes about and what the preconditions are for it to exist. In terms of the “need” for money, you may learn that money is a way to get around the general lack of double coincidence of wants. That is, it is rare that I have what you want and you have what I want at the same time. As barter is definitely not an efficient way of organising an economy, money is demanded as a tool to facilitate exchange. What about the other side of the coin, so to speak? How does money come about? Again, conventional wisdom may tell you that central banks provide money, ie cash (coins and notes), and commercial banks supply deposits. But this answer is often not fully satisfactory, as it does not tell why and how banks should be the one to “create” money. If you venture into more substantive analyses on monetary economics, things get more complex. One theory, which proposes that “money is memory”, amounts to arguing that a “superledger” can facilitate exchange just like money. This argument says a ledger is a way of keeping track of not only who has what but also who owes, and is owed, what. I will come back to this later. Moving beyond this line of thought, other scholarly and historical analyses provide answers that are more philosophical. These often amount to “money is a convention” – one party accepts it as payment in the expectation that others will also do so.2 Money is an IOU, but a special one because everyone in the economy trusts that it will be accepted by others in exchange for goods and services. One might say money is a “we all owe you”. Many things have served as money in this way. Figure 1 gives some examples: Yap stones, gold coins, cigarettes in war times, $100,000 bills, wissel (Wechsel), ie bills of exchange or bearer notes, such as those issued by the Bank of Amsterdam in the first half of the 17th century. It includes an example from my own country, Aztec hoe (or axe) money, a form of (unstamped) money made of copper used in central Mexico and parts of Central America. 1 See J Hicks, Critical essays in monetary theory, 1979. 2 See D Lewis, Convention: a philosophical study, 1969. Common to most of these examples is that the nominal value of the items that have served at one time as money is unrelated to their intrinsic value. Indeed, as we know very well in the case of fiat money, the intrinsic value of most of its representations is zero. History shows that money as a convention needs to have a basis of trust, supported by some form of institutional arrangement.3 As Curzio Giannini puts it: “The evolution of monetary institutions appears to be above all the fruit of a continuous dialogue between economic and political spheres, with each taking turns to create monetary innovations … and to safeguard the common interest against abuse stemming from partisan interests.”4 Money can come in different institutional forms and colours. How to organise them? The paper by Bech and Garratt in last September’s BIS Quarterly Review presented the money flower as a way of organising monies in today’s environment.5 It acknowledges that money can take on rather different forms and be supplied in various ways. The money flower Allow me to explain, noting that we do not sell seeds to this money flower! 3 Fiat means “by law“. So, in principle, it should be said that money exists by convention or by law. But if trust in money does not prevail, the legal mandate that conveys value to money becomes meaningless. 4 C Giannini, The age of central banks, 2011. 5 M Bech and R Garratt, “Central bank cryptocurrencies”, BIS Quarterly Review, September 2017, pp 55–70. The money flower highlights four key properties on the supply side of money: the issuer, the form, the degree of accessibility and the transfer mechanism. • The issuer can be either the central bank or “other”. “Other” includes nobody, that is, a particular type of money that is not the liability of anyone. • In terms of the form it takes, money is either electronic or physical. • Accessibility refers to how widely the type of money is available. It can either be wide or limited. • Transfer mechanism can either be a central intermediary or peer-to-peer, meaning transactions occur directly between the payer and the payee without the need for a central intermediary. Let us look at where some common types of money fit into the flower, starting with cash (or bank notes) as we know it today. Cash is issued by the central bank, is not electronic, is available to everyone and is peer-to-peer. I do not need a trusted third party such as Jens to help me pay each of you 10 euros. Let us try another one: bank deposits. They are not the liability of the central bank, mostly electronic, and in most countries available to most people, but clearly not peer-to-peer. Transferring resources from a bank deposit requires the involvement of at least your own bank, perhaps the central bank and the recipient’s bank. Think here not only of commercial bank deposits but also bills, eg non-interest bearing (bearer) certificates, issued privately, as in the case of the Bank of Amsterdam mentioned earlier. Local or regional currencies are the ones that can be spent in a particular geographical location at participating organisations. They tend to be physical. The túmin, for example, was a local currency circulating (illegally) for some time around 2010 exclusively in the Mexican municipality of Espinal. What does digitalisation mean for the flower? Digitalisation is nothing new: financial services and most forms of money have been largely digital for many years. Much of the ongoing transformation is just adding a mobile version for many services, which means that the device becomes a virtual extension of the institution. As such, there is not a new model. The money flower then also easily accommodates these forms. That is also the case for the digital, account-based forms of money that central banks traditionally have made available to commercial banks and, in some instances, to certain other financial or public institutions (ie bank reserves). It would also be the case if the central bank were to issue digital money to the wider public for general purposes. Each central bank will have to make its own decision on whether issuing digital money is desirable, after considering factors such as the structure of the financial system and underlying preferences for privacy. The central bank community is actively analysing this issue. A potentially important and leapfrogging digital-related development, however, is distributed ledger technology (DLT), the basis for Bitcoin. Many think DLT could transform financial service provision, maybe first wholesale, then possibly retail. For example, it could enhance settlement efficiency involving securities and derivatives transactions. A few central banks have conducted experiments in this area, for example the Bank of Canada, the Bundesbank, the Monetary Authority of Singapore and the Bank of England.6 Yet doubts remain regarding the maturity of DLT and the size of associated efficiency gains relative to existing technologies. Moreover, their robustness, including to cyber-risk, is still to be fully understood and ascertained. Still, there are potential benefits, and I expect that central banks will remain engaged on this topic.7 For now, DLT is largely used to “create” bitcoin and other digital currencies. Such cryptocurrencies can be placed easily in the money flower. Nobody issues them, they are not physical and they are peer-to-peer. But beyond that, how should one think about them? What constitutes good money? Just because we are able to find a place for bitcoin in our money flower does not mean we should consider it as “good” money. As I mentioned before, trust is the fundamental tenet that underpins credible currencies, and this trust has to be earned and supported. There are many lessons from history and institutional economics on the earning of trust that we can use as we move further into digitalisation.8 Over the ages, many forms of private money have come and gone. It is fair to say that the same has happened with various experiments with public money (that is, money issued by a public entity that is not the central bank). While some lasted longer than others, most have invariably given way to some form of central bank money. The main reason for their disappearance is that the “incentives to cheat” are simply too high. Let me give three historical examples: one in Germany, another in the United States and the last one in Mexico. In Germany, the Thirty Years War (1618–48), involving small German states of the Holy Roman Empire and neighbouring regional powers, was associated with one of the most severe economic crises ever recorded, with rampant hyperinflation – just as happened three centuries later during the Weimar Republic – and the breakdown of trade and economic activity. The crisis became known as the Kipper- und Wipperzeit (the clipping and culling times), after the practice of clipping coins (shaving metal from their circumference) and sorting good coins from bad. This morning, we are launching a BIS Working Paper, by Professor Isabel Schnabel and BIS Economic Adviser Hyun Song Shin, which further details and explains this experience, as background to my speech. 6 See Bech and Garratt, op cit. 7 See Committee on Payments and Market Infrastructures, Distributed ledger technology in payment, clearing and settlement: an analytical framework, February 2017. 8 See D North, Institutions, institutional change and economic performance, 1990. While episodes of currency debasement have occurred throughout history, this one stands out for two reasons. First is the severity of the crisis and its rapid regional spread. Debasement proceeded at such a pace that public authorities quickly lost control of the downward spiral. Second is how the debasement was brought under control. This occurred through standardisation of wholesale payments by public deposit banks, for example the Bank of Hamburg and the Bank of Amsterdam. These were in many ways examples of the precursors of modern central banks. As the working paper argues, monetary order could be brought to an otherwise chaotic situation by providing reliable payment means through precursors to central bank money, which at the end means the use of a credible institutional arrangement. In the period in the United States known as the Free Banking Era, from 1837 to 1863, many banks sprang up that issued currency with no oversight of any kind by the federal government.10 These so-called free bank notes did not work very well as a medium of exchange. Given that there were so many banks of varying reputations issuing notes, they sold at different prices in different places, making transactions quite complicated. And as supervision was largely absent, banks had limited restraint in issuing notes and did not back them up sufficiently with specie (gold or silver), thereby debasing their values. This era of “wildcat banking” ended up being a long and costly period of banking instability in the history of the US, with banking panics and major disruptions to economic activity. It was, after some further hiccups, followed by the establishment of the Federal Reserve System in 1913. Let me present a final example, from Mexican monetary history. A little known fact is that Mexico had the first series of hyperinflations at the beginning of the 20th century. My country had a revolution from 1910 to 1921, in which no central government existed in an effective way, with many factions fighting and disputing different territories. A winning faction would arrive in a territory, print its own money and make void previously issued cash. So different bills issued by different factions coexisted, leading to chaos and hyperinflation. To give you an idea of the disorder, in 2015 four trunks full of bills were returned to Mexico after having been appropriated by the US Navy in 1914, when the US occupied the port city of Veracruz. In the trunks, the Bank of Mexico discovered dozens of types of bills that the central bank had not even known existed.11 At the end of the conflict, a new constitution was drafted, having as a central article one which gave the Bank of Mexico the appropriate institutional framework, designating it the exclusive issuer of currency in the country. Once this was in place, hyperinflation ceased, illustrating the importance of controlling fiscal dominance (which tends to be the result of the abuse of publicly issued money). Based on these experiences, most observers, and I suspect all of you here, would agree that laissez-faire is not a good approach in banking or in the issuance of money. Indeed, the paradigm of strict bank regulation and supervision and central banks overseeing the financial and monetary system that has emerged over the last century or so has proven to be the most effective way to avoid the instability and high economic costs associated with the proliferation of private and public monies. 9 I Schnabel and H S Shin, “Money and trust: lessons from the 1620s for money in the digital age”, BIS Working Papers, no 698, February 2018. 10 See G Dwyer, “Wildcat banking, banking panics, and free banking in the United States”, Federal Reserve Bank of Atlanta Economic Review, vol 81, nos 3–6, 1996; A Rolnick and W Weber, “New evidence of the free banking era”, The American Economic Review, vol 73, no 5, December 1983, pp 1080–91; and C Calomiris, “Banking crises yesterday and today”, Financial History Review, vol 17, no 1, 2010, pp 3–12. 11 See Bank of Mexico, “La SRE entregó al Banco de México un acervo de billetes de la época del porfiriato”, press release, 1 June 2015, www.banxico.org.mx/informacion-para-la-prensa/comunicados/billetes-y-monedas/billetes/%7B3A41E6F8-FBD8-2FA7-DA0B-66FCCE46430A%7D.pdf. The unhappy experience with private forms of money raises deep questions about whether the proliferation of cryptocurrencies is desirable or sustainable. Even if the supply of one type of cryptocurrency is limited, the mushrooming of so many of them means that the total supply of all forms of cryptocurrency is unlimited. Added to this is the practice of “forking”, where an offshoot of an existing cryptocurrency can be conjured up from thin air. Given the experience with currency debasement that has peppered history, the proliferation of such private monies should give everyone pause for thought. I will return to this shortly. We have learned over the centuries that money as a social institution requires a solution to the problem of a lack of trust.12 The central banks that often emerged in the wake of the private and public money collapses may not have looked like the ones we have today, but they all had some institutional backing. The forms of this backing for their issuance of money have differed over time and by country.13 Commodity money has often been the start. History shows that gold and other precious metals stored in the vault with governance (and physical) safeguards can provide some assurance. Commodity money is not the only or necessarily sufficient mechanism. Often it also required a city-, state- or nation-provided charter, as with the emergence of giro banks in many European countries. Later, the willingness of central banks to convert money for gold at a fixed price (the gold standard) was the mechanism. Currency boards, where local money is issued one-to-one with changes in foreign currency holdings, can also work to provide credibility. The tried, trusted and resilient modern way to provide confidence in public money is the independent central bank. This means legal safeguards and agreed goals, ie clear monetary policy objectives, operational, instrument and administrative independence, together with democratic accountability to ensure broad-based political support and legitimacy. While not fully immune from the temptation to cheat, central banks as an institution are hard to beat in terms of safeguarding society’s economic and political interest in a stable currency. Where do cryptocurrencies fit in? One could argue that bitcoin and other cryptocurrencies’ attractiveness lies in an intelligent application of DLT. DLT provides a method to broadcast transactions publicly and pseudonymously in a way that achieves in principle ledger immutability.14 Who would have thought that having people guessing solutions to what was described to me by a techie as the mathematical equivalent of mega-sudokus would be a way to generate consensus among strangers around the world through a proof of work? Does it thus provide a novel solution to the problem of how to generate trust among people who do not know each other? If DLT provides the potential for a superledger, could bitcoin and other cryptocurrencies then substitute for some forms of money?15 We do not have the full answers, but at this time the answer, also in the light of historical experiences, is probably a sound no, for many reasons. In fact, we are seeing the type of cracks and cheating that brought down other private currencies starting to appear in the House of Bitcoin. As an institution, Bitcoin has some obvious flaws. 12 See M King, “The institutions of monetary policy”, speech at the American Economic Association Annual Meeting, San Diego, 4 January 2004. 13 See Giannini, op cit. 14 See Committee on Payments and Market Infrastructures, op cit. 15 See N Kocherlakota, “Money is memory”, Journal of Economic Theory, vol 81, pp 232–51, 1998. In fact, he shows in a very stark setting that having a costless means to record the memory of all economic actors, both present and past, can do as much as money, and sometimes more. Conversely, money effectively functions as memory by providing an observable record of past transactions – that is, agents can tell whether a potential trader is running a current deficit or surplus with society by looking at the money balances that trader is carrying. The finding, however, is theoretical and not robust to slight changes in assumptions, including the risk of loss of data. Debasement. As I mentioned, we may be seeing the modern-day equivalent of clipping and culling. In Bitcoin, these take the form of forks, a type of spin-off in which developers clone Bitcoin’s software, release it with a new name and a new coin, after possibly adding a few new features or tinkering with the algorithms’ parameters. Often, the objective is to capitalise on the public’s familiarity with Bitcoin to make some serious money, at least virtually. Last year alone, 19 Bitcoin forks came out, including Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond. Forks can fork again, and many more could happen. After all, it just takes a bunch of smart programmers and a catchy name. As in the past, these modern-day clippings dilute the value of existing ones, to the extent such cryptocurrencies have any economic value at all. Trust. As the saying goes, trust takes years to build, seconds to break and forever to repair. Historical experiences suggest that these “assets” are probably not sustainable as money. Cryptocurrencies are not the liability of any individual or institution, or backed by any authority. Governance weaknesses, such as the concentration of their ownership, could make them even less trustworthy. Indeed, to use them often means resorting to an intermediary (for example, the bitcoin exchanges) to which one has to trust one’s money. More generally, they piggyback on the same institutional infrastructure that serves the overall financial system and on the trust that it provides. This reflects their challenge to establish their own trust in the face of cyber-attacks, loss of customers’ funds, limits on transferring funds and inadequate market integrity. Inefficiency. Novel technology is not the same as better technology or better economics. That is clearly the case with Bitcoin: while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster. The volatility of bitcoin renders it a poor means of payment and a crazy way to store value. Very few people use it for payments or as a unit of account. In fact, at a major cryptocurrency conference the registration fee could not be paid with bitcoins because it was too costly and slow: only conventional money was accepted. To the extent they are used, bitcoins and their cousins seem more attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions. In a way, this should not be surprising, since individuals who massively evade taxes or launder money are the ones who are willing to live with cryptocurrencies’ extreme price volatility. In practice, central bank experiments show that DLT-based systems are very expensive to run and slower and much less efficient to operate than conventional payment and settlement systems. The electricity used in the process of mining bitcoins is staggering, estimated to be equal to the amount Singapore uses every day in electricity,16 making them socially wasteful and environmentally bad. Therefore, the current fascination with these cryptocurrencies seems to have more to do with a speculative mania than any use as a form of electronic payment, except for illegal activities. Accordingly, authorities are edging closer and closer to clamping down to contain the risks related to cryptocurrencies. There is a strong case for policy intervention. As now noted by many securities markets and regulatory and supervisory agencies, these assets can raise concerns related to consumer and investor protection. Appropriate authorities have a duty to educate and protect investors and consumers, and need to be prepared to act. Moreover, there are concerns related to tax evasion, money laundering and criminal finance. Authorities should welcome innovation. But they have a duty to make sure technological advances are not used to legitimise profits from illegal activities. 16 See Digiconomist, “Bitcoin energy consumption index”, digiconomist.net/bitcoin-energy-consumption. What role for the central bank? Central banks, acting by themselves and/or in coordination with other financial authorities like bank regulators and supervisors, ministries of finance, tax agencies and financial intelligence units, may also need to act, given their roles in providing money services and safeguarding money’s real value. Working with commercial banks, authorities have a part to play in policing the digital frontier. Commercial banks are on the front line since they are the ones settling trades, providing real liquidity, keeping exchanges going and interacting with customers. It is alarming that some banks have advertised “bitcoin ATMs” where you can buy and sell bitcoins. Authorities need to ensure commercial banks do not facilitate unscrupulous behaviours. Central banks need to safeguard payment systems. To date, Bitcoin is not functional as a means of payment, but it relies on the oxygen provided by the connection to standard means of payments and trading apps that link users to conventional bank accounts. If the only “business case” is use for illicit or illegal transactions, central banks cannot allow such tokens to rely on much of the same institutional infrastructure that serves the overall financial system and freeload on the trust that it provides. Authorities should apply the principle that the Basel Process has adhered to for years: to provide a level playing field to all participants in financial markets (banks and non-banks alike), while at the same time fostering innovative, secure and competitive markets. In this context, this means, among other things, ensuring that the same high standards that money transfer and payment service providers have to meet are also met by Bitcoin-type exchanges. It also means ensuring that legitimate banking and payment services are only offered to those exchanges and products that meet these high standards. Financial authorities may also have a case to intervene to ensure financial stability. To date, many judge that, given cryptocurrencies’ small size and limited interconnectedness, concerns about them do not rise to a systemic level. But if authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability. Most importantly, the meteoric rise of cryptocurrencies should not make us forget the important role central banks play as stewards of public trust. Private digital tokens masquerading as currencies must not subvert this trust. As history has shown, there simply is no substitute. Still, central banks are embracing new technologies as appropriate. Many new developments can help. For example, fintech and “techfin” – which refers to established technology platforms venturing into financial services. These are changing financial service provision in many countries, most clearly in payments, and especially in some emerging market economies (for example, China and Kenya). While they introduce the possibility of non-bank financial institutions introducing money-type instruments, which raises a familiar set of regulatory questions, they do present scope for many gains. Conclusion In conclusion, while cryptocurrencies may pretend to be currencies, they fail the basic textbook definitions. Most would agree that they do not function as a unit of account. Their volatile valuations make them unsafe to rely on as a common means of payment and a stable store of value. They also defy lessons from theory and experiences. Most importantly, given their many fragilities, cryptocurrencies are unlikely to satisfy the requirement of trust to make them sustainable forms of money. While new technologies have the potential to improve our lives, this is not invariably the case. Thus, central banks must be prepared to intervene if needed. After all, cryptocurrencies piggyback on the institutional infrastructure that serves the wider financial system, gaining a semblance of legitimacy from their links to it. This clearly falls under central banks’ area of responsibility. The buck stops here. But the buck also starts here. Credible money will continue to arise from central bank decisions, taken in the light of day and in the public interest. In particular, central banks and financial authorities should pay special attention to two aspects. First, to the ties linking cryptocurrencies to real currencies, to ensure that the relationship is not parasitic. And second, to the level playing field principle. This means “same risk, same regulation”. And no exceptions allowed.
I am out guys. ethtrader tought me to hold,but I've had enough. Here is my story...
(disclaimer English is my 2nd language). I am a 33 married male living in San Diego currently making about 50k a year. So, I made my first purchase back in May, it was only for a couple hundred bucks. Back at that time, I had been investing in stocks for about five years. I had a total of 50k invested in all sorts of tech stocks. A few days later I bought my very first eth purchase at $130 with a credit card. I was trying to buy as much as I could, I was not afraid. in a matter of days I had a few thousand bucks. I was mainly buying eth. Eth shot up to $400 and suddenly realized that I had made over 30% gains (on average). Then, the ICO crash came, my guts where wrenching day by day, but ethtrader kept me sane, I learn to hodl like a pro and buy the dips. I started buying and buying more and eventually is started going up as soon as the bitcoin fork dilemma passed after August 1st. I took out money from a line of credit, I sold my netflix stock to buy more eth and alts. I had sold about 30k of stocks and put it all on eth. I saw btc go up and my eth and alts trading sideways. Another leason for me, do not under estimate bitcoin. It pissed me off that me and all my alts was being outperformed by noobs in coinbase simply holding btc. My portfolio was on the Red. Btc was sucking on everything. Then the ICO ban china news came and was I even more on the red, about -25% or probably more . But for some reason, I was not afraid, I knew it was going to go up eventually. I maybe had around 60k at that moment. Because I learned the lesson to never underestimate bitcoin. I later bought some more bitcoin and soon experience the btc and bch close flipping. I sold all my bch as soon as I got it on Bitfinex for about $500. Then the bch attack on btc happened and It was again gut wrenching as my portfolio was close to being on the red again, but it never did. I sold some btc for bch during the crisis. After the bch/btc dilemma, I sold all of my remaining stocks and went all in into cryoto to buy as much bitcoin as I could before the S2X fork - I wanted the free s2x coins. I was a good choice, btc was going up and going up and alts and eth was down. my porfolio grew slightly though. I splitted my btc for b2x futures in Bitfinex (bt1 and bt2) and sold all of the bt2 (b2x futures) for about .17 btc. Great move because the fork was cancelled and I was able to sell the futures. My porfolio started going up and going up. I started doing some arbitrage between exchanges, sometimes I would make a few hundred buck a day other days only 20 bucks. By late November early December I broke the 100k. I could not believe I had 100k ( six figures!) and in a matter of only a few weeks. I originally wanted 100k for a down payment on a home in San Diego. I started looking for a 200k down payment and tell my wife to quit her job and go back to school. Hodling finally paid off, patience finally paid off. I was in mania! At that time, I decided not to check my balance anymore. It was too stressful, everyday I would gain or lose more than what I would make in months at my job. I stopped buying crypto because it was a few hundred bucks was going to make an impact on 300k. At that time was thinking of cashing out, but short term capital gains where going to kill me - paying over 45% in taxes! I had over 30 coin in total scattered all over the place. I had dozens of wallets and dozens of private keys neatly organized. I started buying stuff on craigslist with bitcoin directly. I was able to buy a mountain bike for .5 ether, my first and only crypto purchase so far. At that time, around first week of January, alts and btc dropped but my ether and other coins kept my portfolio close to the 400k range. I decided to move all my coins to Bitfinex in order to sell if I really needed to. The following day, boom it crashes down to $13,000. Here is where I make a series of mistakes, while it dropped to $13k I started selling to at least keep my down payment needed for the house. I cashed out 200k in USDT and keep about 80k invested. The next day, I regretted that decision and bought my way in again. Well, in a few days it dropped down to $12k. I sold again, I sold only 150k need for my down payment (a smaller downpayment) and only keept about 50k invested. I then realized, that I had too much invested. I bought in with 50k so that left me with 100k USDT in Bitfinex. I was 100k cash an 100k invested. I later bought another 50k thinking that it was bottom. Mistake, I got a 10k loan when eth was around $800 thinking it was bottom. I was trying to catch a falling knife and I bleed hard. In the next few days, I found out that was wife was pregnant. That changed everything, I meant that I could no longer continue to live with my inlaws and be patient and invest. I needed to move out and buy the house when the baby was going to able to walk. The baby is due in August, and hopefully I will able to move out in December. In the end, today it was my last straw. I sold most of investments and kept only 100k USDT and about 35k in a variety of crypto fund from Iconomi. I am definitely on the green, but now, living in San Diego I am having a hard time finding a home based on my income (average house price is over 500k!) Anyways, I guess my main tip to everyone is: Have fixed, measurable goals and stick to them. I had my moon and decided to go for the damn galaxy. I will finally be able to sleep at night, and not have to check my blockfolio every second. I am sorry for the awful grammar and spelling. I don't know how to format property. Feel free to ask me anything. (my cryptocompare portfolio is public for anyone to see by looking my username) Edit: 3/27/2018: some many edits due to grammar P.D: I finally got my Trezor Model-T I had ordered back in November. Too late.
Hey , good to hear from you again! In my experience holding onto Bitcoin over the past 4 years, the price goes up and down whether it makes sense or not. The price of Bitcoin might fall to $2000 next week, or it might bounce back up to $10,000. There is really no way to say. Therefore, I just buy and hold. The Bitcoin I own just kinda sits there where I don't look at it or touch it, and I am 100% OK with losing all of it. On the other hand, by just leaving it, it might turn into a private island one day. On the other hand, from a long-term perspective, Bitcoin looks like it could be a major player in the world economy in the next 20 years or so. These are still very early days - many people still haven't even heard of Bitcoin, and those who have heard of it don't know how to get started. Therefore, there is a ton of upward room for Bitcoin to grow. One of the founders of the San Diego Bitcoin Meetup used to say, "as long as the price of Bitcoin is under $100,000, it's still cheap." That was back when the price was like $200. I've heard other sources estimate that the price could go north of a million dollars per Bitcoin (by comparing the Bitcoin market cap with the gold, for example). Or, if Bitcoin doesn't become the world currency, it might be something else like Bitcoin Cash, Ethereum, Dash, or Monero. I have a little of all of those, just to keep my options open. Each one has its own compelling reasons why it may become more popular than Bitcoin one day (smart contracts for Ethereum, better privacy for Monero, higher network capacity for Bitcoin Cash, and faster transactions for Dash). I also have some Decred, mostly because I am a fan of the guys behind that project (they wrote a program called btcd back in the day, which was ahead of its time). So, yes, buying Bitcoin (or any crypto) does seem like a good idea at this point. But I would do it with a 10-year outlook, rather than a days or months point of view. If you are OK locking that $400 up for the next decade, then go for it! It could be worth vastly more. Or zero. Who can say? That's what makes this fun.
Goals for this year: 100+ Merchants. (That's smaller this year! We're going to be only accepting quality merchants. After reviewing which sites actually got traffic and sales last year, the 'filler' merchants don't need to be there.)
It’s because we purchase and send them from poorly developed, Eastern European countries where cigarettes cost a fraction of the price you’re used to pay in the West. There are still huge discrepancies in the standard of living across this world’s countries and as long as this discrepancy persists (as long as you guys keep on borrowing), an arbitrage opportunity will exist and will be exploited. We think Bitcoin helps tremendously in this regard.
They claim it's perfectly legal and that you will not have to pay any duty or tax. They are of course lying through their teeth. Proper captains of the industry. Want to smoke in style? Get disposable Vapes from Julien Marley. Super classy mon. http://blackoutx.com/collections/juju-royal-by-julian-marley There are many herb related sellers. This one sells some kind of hemp based pills that has loads of potential health benefits. http://hempsci.com/ It has Sci in the name and mentions loads of chemistry stuff on the site so it must be totally legit. One of the main selling points is that it's legal so it has to be good. Want to grow stuff indoors, http://growershouse.com/ has all your hydroponic needs. I did not know bitcoiners grew their own spices and vegetables... Here's a place that sell herbal teas including one that cures diabetes. Or at least has anti-diabetic properties. According to one study. Also, it was done on mice. http://readyherbs.us/index.php/product/diabetes-tea/ Next up is http://www.thaidye.com/ which offers tie dye clothing. Felt like a good segue from the herbs. More clothes. The Mises store is on the list because of course it is. http://store.mises.org/Mises-Knows-Premium-Fitted-T-shirt-P10977.aspx And lastly, not alpaca socks but socks non the less. https://www.soxinabox.club/ Subscribe to socks. There are many more dubious business on the list but I'm way to lazy to talk about them all. Please, go through the rest of them because there's much comedy gold left to mine.
boldninjaLet's all give a warm welcome to @synth from SkyCoin.net and for taking the time to do this AMA synth *hello mike Hi Synth jakethepanda Hey @synth thrice.pi Hey synth dr10 Hi boldninja I think we can start - you guys know the drill. Give him some time to respond (no more than 2-3 questions on backlog so he can catch up) dr10 How would you - shortly & in easy words - sum-up the advantages of SkyCoin to magazines and non-crypto people? mgaruccio Can you explain a bit about the mesh net? Is it just an mpls network between nodes or is there something deeper going on? michaelthecryptoguy Whassup @synth tranzer hi synth. I have a question - are those coins that are not in circulation in any cold wallets since only a portion is currently available according to CMC? What would you say is the 1 unique feature that Skycoin has? synth It is very difficult, because Skycoin is a very large project and already has +6 years of development. Different parts of the project have different objectives. The cryto, coin part is about solving the problems with the existing consensus algorithms. Being able to do +300 transactions a second, transactions in seconds instead of minutes (faster than credit cards), eliminating miners, eliminating block rewards (eliminating inflation) and eliminating 51% attack and the other problems with mining. then there are other repos and experimental projects under github.com/skycoin such as a meshnet and distributed VPN prototype, where people will be paid coins for forwarding traffic. Also prototypes of distributed social media application, with peer to peer data replication and different experimental projects. Research into immutable data structures for next generation internet. Some of them are very radical. dr10 How does the Network consensus algorithm Obelisk work and differ from widely known algorithms like Proof of Work and Proof of Stake? mgaruccio So how much exists today? Could I build an app on the platform if I wanted to? mike In terms of the rate of progress, what is currently your greatest limiting factor - like funding, manpower, currently available technology? synth
Can you explain a bit about the mesh net? Is it just an mpls network between nodes or is there something deeper going on?
It is not actually a meshnet. It is software defined networking, it is much more powerful than just meshnet. Its a new type of networking and new completely new protocol and networking namespace, independent of the existing internet. It supports source routing, while the existing internet does hot potato routing, so never achieves optimal latencies. It supports multi-homing, which IPv6 does not (Which is critical for when we have gigabit or terabit networking and multi-redundant bandwidth paths) It has default oppurunistic crypto, both link layer and end to end; so everything is encrypted by default, unlike the current internet. It has store and forward networking and will operate in Africa or even under conditions where latencies are in the minutes or hours and packet loss is excessive. Where existing protocols cannot operate reliability. It is much more robust than IPv4/IPv6 or TCP/ip It has improved privacy. If a packet takes a route that is 10 hops, each hop only knows the previous node in the route and the next node in the route. It is not like IPv4 where each packet gives the source and destination. The privacy level is something that does not exist on the current internet. IP addresses are replaced by public key and no one can read traffic to a destination, without knowing the private key of the public key that identifies the destination. The system does not need 3rd parties or certificate authorities. The design is a revolution.
are those coins that are not in circulation in any cold wallets since only a portion is currently available according to CMC?
The coins are locked into 100 addresses, each with 1 million coins each. And they are released sequentially. There is a complicated locking procedure and releasing new coins requires unamious consent and a shared secret among a group of developers. Anyone in the shared secret group can block distribution of more coins (to stop the problem that killed NXT). So by design the coins were supposed to be difficult to distribut, there had to be a good reason or justification before a distribution would be approved. mike What are the hardware requirements to operate a wireless Skywire (the name for the protocol described above) Node? arc-over-water nxt i think is doing ok.. synth
How does the Network consensus algorithm Obelisk work and differ from widely known algorithms like Proof of Work and Proof of Stake?
PoS and PoW use miners. Miners receive new coins every block as a block reward. So miners are making money and will fight to control the network. An everyone will suffer because the newly created coins represent inflation. Skycoin was designed to eliminate mining and eliminate the inflation. No block rewards, no new coins. And we needed to develop a new consensus algorithm to do that and there are only a few methods that work, for these constraints. The consensus algorithm is based upon Ben-Or's randomization procedure for achieving consensus in a distributed system, with some improvements for detecting adversarial or malicious nodes who are trying to prevent the consensus process. There are white papers on skycoin.net about the specifics. I would call it "network consensus" and it uses a sort of Web of Trust (WoT), where if the people creating blocks are doing a bad job or attacking the network, then the community can get rid of them. At the same time, the people who control the network, do not have any real power to attack the network except by slowing down transactions and being annoying, so even if they become malicious the only issue is how to get rid of them and select new people. mike Any idea when Skywire will be released and ready to test on hardware nodes (testnet or mainnet)? mgaruccio So if there is no block reward what is the incentive to run a node? vega What will be the actual function of Skycoin (the coin itself)? Will the coin be used as currency, as transfer of value in and between all these various developing functionalities, semi-separate projects to tie them all together or it's function will be more limited? michaelthecryptoguy Do you have an idea on the specs of a node that would be required? In the beginning? What about with 10,000 users? (edited) synth
nxt i think is doing ok..
There were three people that each owned 30% of the coin. One decided he wanted out and began dumping. NXT was over 150 million I think. When he started dumping, it basicly killed NXT. Skycoin's distribution was designed to stop dumping by the founders and early people. After Skycoin gets to 30% of the total coins distributed, there will probably a hard time lock on the remaining coins, so that a maximum of 5% of the remaining coins can be released per year. So the distribution for the other 70% of the coins will take a minimum of 14 years (and could be longer). We cannot even sell the rest of the coins, because if we sold 10% of the total now at $5 per coin, it would be 50 million or something and we cannot spend or even use that amount of money. Not at this stage. Ethereum spent 30 million or 70 million in their first year or two after the ICO and then nearly went bankrupt. Silicon Valley wages and offices etc. We have been very conservative and have kept costs down and kept them responsible. Now we have coins like EOS and they want to raise a billion dollars and have not produced anything yet, do not hav a blockchain and I have no idea what they would spend that money on, but they are throwing $350,000 parties in time square for marketing/PR etc... arc-over-water what prevents you from selling? anybody can spend that amount of money? nxt is a newer platform than sky, market value is $220 million plus $166 million, I get what you are saying but the evidence is wrong. Community is huge and active in Nxt. But you say it is killed, i dont get it? synth
What will be the actual function of Skycoin (the coin itself)? Will the coin be used as currency, as transfer of value in and between all these various developing functionalities, semi-separate projects to tie them all together or it's function will be more limited?
Yes. Bitcoin has no purpose. An altcoin does two things - check your balance - send money to other people Two features - check balance - send For a coin to have value, people need to be forced to buy it to consume specific services. There has to be stuff for people to spend the coin on, that there is demand for. So Bitcoin is really just a purely speculative asset. It generates no cashflow and its value is determined by perception or social convention. Ideally, Skycoin would start off as a "better Bitcoin" (faster, more secure, new algorithm, simplier, etc), then over time we would build up an ecosystem and have some type of backing and tie the coin's value into the network and usebase. The mesh netork (skywire) is good, because it gives something for people to do to get coins and it allows people to consume the coins. You can run your internet traffic through a VPN that tunnels over Skywire and maybe it will be a nominal amount (actually absurdly small amount of money), but there would be real economic activity and a real userbase and community using the coin. Not just speculation. Later on the scope is much wider. arc-over-water So the skycoin wallet will be a VPN for our internet usage? synth
nxt is a newer platform than sky, market value is $220 million plus $166 million, I get what you are saying but the evidence is wrong. Community is huge and active in Nxt. But you say it is killed, i dont get it?
What I am saying, is that NXT would be a lot further along than it is now and probably around where Ethereum is, except for that mistake in the distribution and keeping it too concentrated. It set them back by years. They did not consider what the impact on the price would be, over the long term, when one of the early whales started selling off or decided he wanted out. arc-over-water But they did the same again with IOTA, same lead dev.. Its over a $Billion they released and let the market price distribute synth
So the skycoin wallet will be a VPN for our internet usage?
The VPN is just one application, that uses bandwidth over Skywire. There are several things in development. This is a BBS like 4chan, that is completely distributed, with CXO. https://github.com/skycoin/bbs It will run over Skywire also, This is like building a whole new internet from scratch. The apps that run on it are going to specialized and privacy focused, etc GitHub skycoin/bbs Contribute to bbs development by creating an account on GitHub. mike So Skycoin is a Proof of Resource coin where its value is actually backed by provision of a useful service, in this case private and secure networking? Are there plans to add decentralized storage and even distributed processing to it? arc-over-water so these 100 separate million coin accounts will be 100 ICOs or how is the distribution patterned? is it written into the code or up to the devs? rockyj !calculate slackbot Custom Responsehttps://docs.google.com/spreadsheets/d/1FGo3FkC3uSWXGHatPQyny2brMWjAIJsHFCR-Lhkl_m0/edit#gid=0 synth
So if there is no block reward what is the incentive to run a node?
running a consensus node does not cost anything. You can run it on a raspberry pi. The important thing is that if the people doing consensus are doing a bad job, that the community can get rid of them and replace them. The other important thing, is that they can be audited and determined automatically if they are obeying the protocol. the miners in skycoin are not very powerful and cannot do anything except slow down transactions. They are unable to spend other people's money without their private keys, so the consensus/mining nodes are almost irrelevent. It is not like Bitcoin where the miners can hold the network hostage or act selfishly (driving up the transactions fees for their own personal benefit and delaying any innovations that would improve bitcoin for everyone, etc).
So Skycoin is a Proof of Resource coin where its value is actually backed by provision of a useful service, in this case private and secure networking? Are there plans to add decentralized storage and even distributed processing to it?
We have decentralized storage, which is called CXO. But only the bandwidth is monetized by Skywire. We do not nickle and dime and try to attach a coin cost to every API call. Everything that should be free is free. So its a different philosphy. On top of CXO we also have distributed social media applications (simmilar to Steemit) CXO is very similar to IFPS, but simplier and designed for our internal infrastructure and with our crypto standards, instead of being a mismash. mike Is it possible for Skycoin to choose the best paths and route around bad or slow nodes as damage to the network, in effect reducing their impact on consensus? looks like you answered the question above while I was typing... tranzer How many tx/s can skycoin handle? What are block times? thrice.pi 300 right? ^ arc-over-water on your website it says you will have a NON- Turing complete lisp language? synth
so these 100 separate million coin accounts will be 100 ICOs or how is the distribution patterned? is it written into the code or up to the devs?
We will have a distribution page, up on the website soon. Its complicated. Skywire, is designed to pull coins out of circuation, through a sort of tithe on network activity and it does automatic buy backs effectively. So the distribution will actually peak and then decline. But one distribution is from the locked coins, and the locked coins are freed, then circulate, then end up at the foundation (from the skywire tithe are pulled out of circulation), but still count towards the free float. The coin holders also receive a coinhour dividend and there will be a market rate conversion between coin hours and Skycoins and coinhours are the actual currency for the Skywire network. If you do not have enough coin hours, then you sell Skycoin for CoinHour at the market rate, to purchase bandwidth; but if you have a lot of coins then you have enough coin hours for downloading movies or VPN or whatever you are doing and it is essentially free. So there is a dual level economic structure. Both with coin buybacks to pull coins out of circulation and with a dividend or incentive to encourage users to hold the coin if they are using the network. arc-over-water so there will be two currencies, holding one reserves the other synth
Is it possible for Skycoin to choose the best paths and route around bad or slow nodes as damage to the network
Yes. This is very important. The person dialing a connection, chooses the path of the connection! You can choose the lowest latency path for video games or Skype, and choose highest throughput paths for video downloads etc. Or can choose paths through specific nodes or facilities or countries, for security concerns and to minimize the number of points that the traffic could be intercepted at. mike Will Skycoin still have the node subsidy plan for setting up and registering the mesh nodes like originally planned? dr10 When do you plan to be able to present your planned technology and services to the masses? When can they use what you try do accomplish? synth
on your website it says you will have a NON- Turing complete lisp language?
That is probably an error. LOL. We will have a new website soon. There is no scripting language on the skycoin blockchain. Each transaction is constant time (for efficiency and security and to achieve the highest transaction rate and to keep the coin simple). However, we have a language called CX in development, which is a next generation language that is beyond "smart contracts" and the toy things on ethereum. It uses immutable datastructures and is something completely new. Most of the skycoin "smart contracts" will probably be off blockchain or in personal blockchains and we do not want to shove all the data onto the main chain, because forcing everyone to download everyone one elses contracts it the world is just spamming the blockchain to death. There are better ways to do it.
Will Skycoin still have the node subsidy plan for setting up and registering the mesh nodes like originally planned?
Yes. We are going to get from 20% to 30% distributno of the coins, through network incentives for people running Skywire nodes, consensus nodes and services. I think this is going to be massive for marketing. And it is the best way to get the coins out to the users, instead of all the coins being held by whales samuelvihollandia I read how you suggest Skycoin could be used for VPN connections, is this the largest use case you see? arc-over-water Maidsafe has been working on the redesign of the net for about ten years, what are you doing the same and what different? synth
I read how you suggest Skycoin could be used for VPN connections, is this the largest use case you see?
No. This is just something easy, that we have working. Its not the largest applicatoin at all. 80% of internet traffic right now is bitorrent and the bitorrent sites are being systematically shutdown and driven off the internet. They wont go away, but will jut go underground. What.cd (largest music tracker, with 800k people) was just shut down, bakabt (largest anime tracker) has gone closed registration, Nyantorrent etc... User communities of millions of people will be migrating from the clearnet (the existing corporate shit-net) to the "new internet". We are going to see people migrating by the millions, whole user communities of millions of people. arc-over-water Are you a corporation or foundation or charity? Registered? I am not sure i have seen anything about who you are? What is the dev team size? Background? - Maidsafe is open and clear so is IOTA and Stellar etc. Can you let us know who you and your team are? Especially you are talking about 15 year and up obligations.. techbytes Do we need to hold skycoin to run Skywire nodes or consensus nodes like masternodes from other coins? synth
Maidsafe has been working on the redesign of the net for about ten years, what are you doing the same and what different?
Maidsafe is in version 2 or 3. Maidsafe will not have a real coin until version 9. Each version takes them about two or three years. Maidsafe will not be "done" or ready for atleast 18 years at this rate. Skycoin has been in development for ~6 years and the meshnet for 4 years and it will be finished in a few months. To the poin that people can start using it. Skycoin is similar to maidsafe in the objective, but has a different approach and architecture and primitives. We did not try to do everything, but focused on a smaller, tractable core and got that done. There will be multiple projects in this space, but few teams are able to plan on the time horizon necisary for building a new internet or able to design each of the components of a system this large, or figure out how to do it so that it is useful at each stage of construction of a project that may take a decade. (edited) mike Can you see a way for Ark and Skycoin to build on each other in a synergistic manner? I'm all for not reinventing the wheel, especially when it looks like it will be replaced with antigravity like Skycoin. I see Skycoin as essentially replacing TCP/IP and providing mesh network type functionality at the hardware level, Ark would run on top of it as a top level application layer. arc-over-water are you up to date on Maidsafe, they are nearly out of Alpha and its more like release early next year? But that being said, Maidsafe says once it is released it is like a virus or AI type, so does Tau Chain, and also Autonomic by HunterMinerCrafter, are we heading towards AI with Maid, Sky Tau and Autonomic? dr10 smartbridge now! :kappa: mike So Skycoin would act as a sort of global decentralized cloud server to build on top of. To communicate, it is more like sharing encrypted files to selected recipients than it is sending messages or hosting sites on a specific server. synth
Are you a corporation or foundation or charity? Registered? I am not sure i have seen anything about who you are? What is the dev team size? Background?
I think there are over ~60 people who have worked on Skycoin or have made major contributions. Its really a project from the darknet. Many of the contributors are anonymous. Some of them have security clearances and were in the military industrial complex and one of them worked at the San Diego Naval Defence Research Lab and a lot of the idea for the networking protocols came out of public sector academic researched, funded from there. We also have a lot of very very early Bitcoin people, hardcore crypto people that predate Bitcoin and an Ethereum core developer, etc.. On the Chinese side we have an early investor in Alibaba and telecom investor. And are doing pilot with china aviation group (owns four publicly traded airline companies) and apparently now Sinopec (which is 2nd largest publicly traded corporation in world). Then we have people who are part of israeli and US intelligence and are probably doing some sort of money laundering or phychological operations background, who just showed up for some reason. This group seems very interested in the "applications" of these coins and how to improve tranaction privacy and the specifics of the CoinJoin protocol implementation. We got a lot of advice from people experienced in forensic accounting and what they wanted to see and where they felt Bitcoin was deficient and where it leaked metadata. Then a bunch of PHD level people doing research into distributed database consensus algorithms and another group doing programming language research. Then a lot of people from the deep darknet, anon, frog twitter and cipher punks and bitorrent communities. (really should be listed as two seperate groups). And people from the Russian darknet community. We have like eight Ivans. (edited)
I see Skycoin as essentially replacing TCP/IP and providing mesh network type functionality at the hardware level, Ark would run on top of it as a top level application layer.
Yes. The key functionality is two things - connecting to people by public key (networking) - distributing self validating, immutble data peer to peer (transactions, blocks etc... content addressible storage) And you can build almost anything on those two building blocks. The whole internet will eventually be rewritten on top of those primitives and it will replace many of the existing protocols. arc-over-water Who is the entity that is funding this? I think you have done 2 ICOs? How much did you receive? The first was 10c and the second was @ 50c per coin, released 6 million, is that correct? samuelvihollandia Are you planning to enter a different exchange market soon? arc-over-water Have you personally been in Sky from the start? What members have? Who allocates the ICO money etc... I hope you understand that decentralization with investment is a two edged sword, we invest in people but we cannot know these people.... So... we question.. (edited) thrice.pi with all these outside parties that helped to build skycoin and bring it where it is today who are the main core team who will help to keep all these cool features running. Will these outside parties be recruited for the long haul? synth
Who is the entity that is funding this? I think you have done 2 ICOs? How much did you receive? The first was 10c and the second was @ 50c per coin, released 6 million, is that correct?
The people who funded the project for the first four years, were early bitcoin and deep crypto people; who were unhappy with the fact that Bitcoin and the other alts did not seem concerned about the core issues at all. They gave us over 1200 bitcoin I think, over several years and did not ask for anything in return. The early Skycoin devs were doing academic research, architecture and new algorithms. Prototyping and simulation. The later stage people were more project managers and doing implementation. We did four ICOs for small amounts, to fund development and to allow developers working on the project to buy in. The first ICO I remember was at $0.10 per coin and the price now is about $4.00 per coin, so its up ~35x or 40x, but when you consider the Bitcoin price going from $100 to $3000, the increase has not been so much. lol (edited) arc-over-water With the price up 35x in about 1 year, is it not now time to cool the run up and release another ICO? At what amount of coins released and what procedure? mike Would Intel Edison or Joule, or Samsung Artik 10 work well as a Skywire wireless node? They have 2 Gb-8 Gb RAM, 8-64 Gg eMMC storage, 802.11n wireless, bluetooth, and some with Zigbee? synth
Have you personally been in Sky from the start? What members have? Who allocates the ICO money etc... I hope you understand that decentralization with investment is a two edged sword, we invest in people but we cannot know these people.... So... we question.
I think there wer three different groups that merged together in first three years, that had similar objectives. Because the code was in different language. There was python, C code and then eventually golang and the golang code became the basis for the current codebase. The way the coin allocations work, is that it requires unamimious consent for releasing coins and it has to be for a specific, ear marked purpose and can be blocked by any of the devs. Then there is a pool of coins in bitcoin for various project managers to allocate. And that is an operational fund for paying developers, contractors, marketing etc. Then different people have different responsibilities. Then we also have corporate funding and sponsorship and some companies paying our full time devs etc, which helps a lot. arc-over-water Silicon Valley (TV SHOW) recently had their decentralized web running on a network or refrigerators? So i would guess, smart phones, smart gadgets? Home gadgets etc could add services and receive rewards from Sky? mike best would be a totally open source and publicly audited manufactured system on a chip for the nodes to prevent any backdoors. Even chip designers now don't really know what they're putting into the chips since they just drag and drop black boxes known as IP cores into the ASIC designs. synth
With the price up 35x in about 1 year, is it not now time to cool the run up and release another ICO? At what amount of coins released and what procedure?
I think the Skycoin price has been doubling every 40 days, for as long as I can remember. However, it will still be years before it is in the top 20, its still a long way to climb. It took bitcoin years to go from 0 to $1, even though it was growing at 1% per day the whole time for six years.
best would be a totally open source and publicly audited manufactured system on a chip for the nodes to prevent any backdoors.
we are going to use arm arc-over-water IOTA is also working on their own hardware for nodes etc, Trinary asset is JINN synth all intel and AMD systems have remote management engine backdoors. So they are not safe for storing large amounts of coins. We also have alpine linux and special version of linux, that is 6 MB and has everything that is needed for running our toolchain. It will not have any binary blobs in the kernel or anything that we cant compile from source. It does not have systemd and does not have gli, but uses musl. And does not have openssl. mike so looks like the Samsung Artik 5 and 10 can run it no problem, they're ARM based. 25x35x4mm package for the Artik 10, Artik 5 is smaller, less powerful but has 2 separate antenna ports, nice for mesh networking with an omni and a directional antenna. earlyarkinvestor how does Ark compare to Lisk? synth uploaded this image: 1923810435.jpg Add Comment earlyarkinvestor isn't Lisk trying to achieve interoperability between blockchains as well synth uploaded this image: 1433594905.jpg Add Comment synth uploaded this image: 1432540863.jpg Add Comment synth uploaded this image: 2049465686.jpg Add Comment mike nice! looks like an ARM based server rack let me know if you need any help with it, see you're on solidworks, which I run as well. synth this is the skycoin cluster; it has 8 CPU boards; 4 cores per CPU, 2 GB of ram per CPU and 64 bit ARM processor. Only one program will run on each individual board, so there is compartmentalization and a physical gap so that compromising one process on a system does no allow all other processes on the system to be compromised mike looks like 2 ethernet ports per board. synth and the hardware does not have the qualcom backdoors and is actually chinese equipment; and the backdoors are normally at the kernel level because they are not at hardware backdoors yet lol mike do they have SATA ports, maybe M.2 for storage? synth and we will hav an ARM openwrt router eventually too this model does not have SATA, but we have a model with SATA; you could hook up 16 2 TB drives, lol and download half the piratebay to your cluster (edited) the skycoin infrastructure is cluster based and designed for running across +300 computers, with one "node" deployed per computer. Eithe a CXO storage node, or a skywire SDN/meshnet node, or a VPN end point node or a consensus network, or skycoin node, etc. We have multiple node/application types. so this is a "personal cloud' by itself its not like StoreJ where you have other people storing your stuff; you are going to have ~5 clusters and 300 computers and can store your own files, on your own internet, on your own hardware. You do not need to go outside of your own network. mike Have thought it'd be nice to have a board with an array of M.2 sockets to run SSD arrays without all the cables, have the busses shielded in circuit board. synth yes, i think there will be m.2 eventually these actually use a microSSD for storage, and its 48MB/s mike any idea on the pricing on your ARM boards in quantity? We are looking at Intel for Bitseed V3, but ARM would be good to stay with, especially using your boards if there is SATA. arc-over-water Do you have a general idea of usable functions to be released next in what order? The first release was the Coin and wallet, then the ICOs and can you give a general future with dates if you can synth the boards are $30 each and the memory for solid state, is actually more than the the cost of the CPU/RAM/board now. Which is sort of insane. mike so you have microSSD, what's maximum size? we shipping 1with Tb hard drives right now synth Bitseed mike is going to help with this; so we can pool the boards and do a custom PCB mike yes, that's where we see the price jumps, is in RAM and eMMC costs. and it's hard to find low cost boards with SATA synth try the orange pi the price goes up 30% for SATA mike yes, very nice specs. synth eventually, we will make one that has custom PCB and is a pluggable blade server, I think. mike I like the Samsung Artiks for the tiny form factor for drone routers, cubesat/picosat possibilities. but like the fact that you are controlling much deeper down the supply chain with your boards. synth we only need ram, CPU, then microSD slot; and that is it. so the wifi and all this other stuff is just crap and its junk. We only have communication, storage and computation. So should be minimialist.
I think it got shelved for a future day to use and test in different places around the world
Different programs around the world
Super colliders maybe to change this in sort of a high-energy alchemy
Maybe we're going to do it use it breeder reactors in Iran
Breeder reactors in UAE breeder reactors and potentially South Africa etc
You're gonna have a lot of experiments across the world, trying to reprocess this MOX fuel
And again, we can have a plant failed failed building project down here in Savannah River Site in Charleston, when this
This waste is coming into Charleston by the way Transport Logistics is taking it up to Sharon Harris right
And we are going to be able to use it as fuel for our plants all over the world
It's great because we don't have to pay for a thing
And this is not only and I'm going to call these people the Dukes
People who are on the inside of this, using the kind of knowledge they got from the National Laboratories--all their experience in the National Laboratories--they're the ones with the insider knowledge
This is what how I think Hillary thinks about it
And these Dukes are these people from--they're kind of the descendants of these high energy physics scientists--a lot of them being Nazis--that kind of have this kind of worldview of
"Hey if we control this fuel of the future we'll control the world like Pax Britannia"
Control the world because they had the the ships
Or we'll control the world like Pax Romana, because we had the roads
And Pax Britannia had the ships
And Pax Americana had that the planes and the helicopters right
And so will control this new world is sort of a Fourth Reich thinking
It's sort of a South shall rise again [thinking], but it's informed not by weapons
This time but it's informed--it's informed more by knowledge, by knowledge here, and also secrecy
Influence of different groups
Influence and infiltration
That's why the Awans are so important in this kind of national or worldwide kind of strategy
Which is I call Pax Urania, Pax Urania
And I believe that's what we have
We have sort of influence and infiltration program with the with the Awans to really leverage the brainpower of all these different nuclear laboratories with the waste Uranium now
And also the Uranium coming from the old Soviet Union for a Pax Urania
It's day 112 and it's part 2 and there's some new breaking news about Campbell here
As you know in the past we've done a lot of shows about 75 days ago on Mark Lambert
And the difference between Campbell being kind of more of a K Street guy
He's being represented by two K Street lawyers that live there that work extremely close like right across the street from him
More of a kind of an interface between Washington DC and the FBI let's say and the nuclear industry
Whereas Mark Lambert being a Navy Intel guy, knows all the logistics, knows all the nuclear science, knows all the languages, I mean just really deep expert in this whole trade
We're talking all the way the whole nuclear cycle--from the ore to the Kroupnick crushers, to the yellowcake, to the spinning of the Uranium in Paducah, to the--making fuel out of it for the different Duke Energy plants, all the way to getting into the plant the nuclear fuel rod plant in Tennessee, to getting it into the Navy ships an electric boat at the at the shipyards in Mobile, and the shipyards in Wilmington, and the shipyards in Groton, Connecticut--
So he knows the whole cycle, as well as when the rods come back from those different ships
And how to bring them through South Carolina
And then bring them up to Sharon Harris for storage
And then use of that MOX fuel for hey let's use this MOX fuel that has these plutonium for CANDU reactors around the world
Why why do we want to store this?
Let's let's use this nuclear fuel cycle
So Campbell being really kind of really kind of a bagman--I hate to say it--Lambert being the real expert
And this is where an informed public really can say hey look I don't--you didn't give me enough detail with the John Solomon's story here
With--there was some yellowcake that went to Europe and some yellowcake that went to Asia
That's not specific enough
You didn't give me enough information about what what is this STX spin-off?
This sport transport logistics
What is this why the soccer balls in Sialkot
What's what's going on there
You're doing Uranium One day and then you're talking about cake and soccer balls
The next day you're talking about envy cylinders going back to to Piketon Ohio
What's going on there? Don't quite understand that
So this Uranium One story is developing second thing to support my theory that--Hilary spent most of her time on these one-two-three agreements here
Is just looking at the NNSA and looking at the agreements
And looking at the dates of the agreements
And seeing most of them were signed when she was either shadow Secretary of State in 1997, with Argentina,
Or with Australia, when she was Secretary of State
Shadow Secretary of State with Brazil
CANDU is Canada becomes the kind of surreptitious partner
If there's a problem there's no one-two-three agreement, we'll just start the program with Canada, and we'll take our National Lab information and we'll give it to them
China with Kerry being kind of a stand-in secretary of state
Moving down here to the European and International atomic energy
These are kind of like brokers for anybody
They can take technology for Europe or Asia for our yellowcake right
Now India was signed by Bush
But then as well as Indonesia and Japan
But then look at Kazakhstan. Kind of comes in at the end and that's where this megatons to megawatts kind of comes in
And they've been used to getting away with
They've been used to branding this and having a--person like Share Blue media come in and David Brock and and--paint the pretty pictures
And everybody goes hey that sounds like a good idea
Take nuclear weapons and then make--nuclear fuel out of it--what a great idea
When in actual fact something very different is happening at the ground level
And that's why I like the Mark Lambert's of the world, that actually deal with it on the ground level you could even see here that Morocco--scales up its program
And then Norway signs a deal the day before Trump--I think Podesta may have been in Norway during that negotiation right there at the end
And then of course the Russian Federation while Hillary signs it's one two three well
Hillary is there
South Africa comes in with Marc Rich this is the influence of Marc Rich
Switzerland, Marc Rich, I think there's a lot of reactors in Switzerland that we don't know about buried deep beneath the hills there
That's Allen Dulles type thinking
As well as Taiwan and Turkey
So this really is where the money is--a thousand times more valuable, I think the HEU then the gold
Now here's the mixed oxide fuel
And the nice part about mixed oxide fuel--this could be coming from weapons programs right
So it could utilize surplus weapons-grade Uranium
And then you can use it in these CANDU reactors--these fast reactors okay
So you could build those CANDUs in China you can build them in Iran you could build them in Pakistan you can build them in India South Africa all over the world, through Canada, and there you go you're in business
And then you can sign the nuclear deal later on--the one two three agreement later on
And here's your can do reactors and I think this--the partnership with Trudeau's have been it's been a long time
Not just the current Trudeau, but the father--they had a very strong relationship with the Clintons--a good business relationship
And again, you can use and leverage--if you insert yourself and infiltrate yourself into these national laboratories with Awan-type infiltration program--it really works well
And I think these Dukes--these are the kind of the insiders
They consider themselves maybe the knowledge Dukes
And I think they have some progenitors that they look to and
They go--there was almost smart Nazi scientists this is released--celebrated there's a facility I visited in northern France, which is the Peda Munda v2 rocket plant
It's incredibly automated for 80 years ago, really quite impressive
And then there's this kind of the the bad boy of the bunch--that was not a Nazi u-boat commander the wolf pack
This is the--Navy irregular warfare under--three three three 333 half evil--the Wolf Pack idea
And I think really the Dukes if the Dukes had any attitude, it would be more like the Nazi u-boat commander kind of thing
A stealth infiltration etc
And then there's a good heap of of Nazi Intelligence thrown in there as well in this group in the Dukes
This is where I think the FBI side of the Dukes is
Not the Navy Intel side, but more the FBI side which is really the same thing I guess
But man this looks like Rod Rosenstein
Having seen Rod Rosenstein up close, I thought it was Reinhardt Gehlen when I saw him
I said that's not Rod Rosenstein that's Rhinehart Gehlen
And somebody said no no that's he's testifying in front of Congress
That's Rod Rosenstein
So anyway but what the Nazis did Indian Intel did was their strategy was hey we're not strong--in Africa as the US or Britain especially Britain England
So we're gonna develop these groups
We're gonna leverage these current groups that are on the ground and to get the mining
Get the land get the Uranium, get the gold, get them molybdenum whatever they needed right for war
And isn't Isis that exact same thing?
Isn't really aren't the Awans really just an expression of the old Nazi modus operandi?
Now I'm not saying these current dukes are Nazis
But there is kind of this Pax urania, through our Intelligence and through our knowledge into our brainpower, and through our knowledge of military, and through our knowledge of Intelligence, we're going to end up ruling the world through this valuable resources that's worth a thousand times more than gold
Just a quick review of yesterday it's in cars remember the Uranium is in cars that's going to be down at the Navy Yard real close to where that Democratic National Committee high-speed line is
I think the Dukes are going to be the key to this story, all the way through, these dukes of nuclear hazard
I'm talking about Anthony Weiner, and Cheryl Mills, and it's going to be the Mueller, McCabe, Comey, Rosenstein bunch--all that bunch
The idea that mixed fuel Uranium and plutonium would come into the United States from Russia beginning in 1998, to a company called U.S. Enrichment, which the Dukes which the Dukes all put together with their hand-picked person that they put in there called the Kroupniks, and have Saipov truckers, truck it all around
The idea that none of that would be diverted, especially when you could create, and use a plant created in Canada called a CANDU reactor, to move and create and build these plants in China, over in Iran, as well as Pakistan, India, UAE, Saudi Arabia, and you could divert that fuel there and make money rather than storing it and down blending it that's almost a waste product the fact that we did that and let that happen is a mockery on the taxpayers of the United States, as also we were gonna build a MOX plant down there, to burn this fuel
30 billion dollars was spent
It's only 30 percent complete
Did that money go to these different power stations around the world?
I think it did
Uranium One is a big story it's gonna get bigger
So I'll talk about the Navy Yard here in a second
This weird police force--this story from a year ago, which is Kamala Harris's guiding keel is her assistant works with these 33 fake police forces in 33 different states
Are those of 33 Blackberries? We'll find out
We'll drill in a little bit more in the Naval Observatory
And then finally with Edmund Burke here saying the famous statement not Wilberforce
Wilberforce moved out slavery--he was a contemporary of Edmund Burke, but Edmund Burke gets credit for the Fourth Estate
So quickly moving to [Brandon Kiel][bk2]---this is this guy Henry, David Henry who died right before this 33 state investigation could really kick off
And Kiel here is Kamala Harris's kind of right-hand man literally right-hand man
So, again, this weird police force kind of weird it's like is this the perfect cover for color-of-law operations and drugs?
Absolutely I think it is of course we've got Campbell's Soup here
Now being offered up as a in testimony Uranium One we're still not getting to the key question of the day
And then I'll just go here to this weird Masonic Police Force
They even had their own badges
They even had their own weird badges
And of course all the heraldry and costuming that you would expect a Navy Masonic order to have
Quickly will move toward the Navy observatory here in little circle on the Navy observatory remember this is the eye of G.O.D.
You can see not only ship traffic all over the world all the different navies of the world, but also air traffic
You've got also foot traffic now, with some of these nano satellites
Here's your british embassy here's Craig Marie getting that hard drive for the DNC emails, right, and through the fence
And then of course you have Hillary's address here at 3067 White Haven
If you were working with somebody like, oh let's say a spy named Christopher Steelee, that would be convenient to be so close to the British Embassy
And then of course it's just a half mile walk over here to Wisconsin Avenue, where Carter Page lives
Now he lives suspiciously also close to the China China China Embassy, where you get the visas
He worked in San Diego
Is this the dragon distillery connection?
Is this the quad connection with Bannon?
Did he work with Bannon at the Pentagon?
None of this stuff is coming out yet, so it'd be interesting how this goes
Let's talked about another Navy location now down here at the Naval sea command system
This is the operational command
This is the Chief of Naval Operations and across the street of course we have the high speed line on fibre to the Democratic National Committee
Of course we've got the rail abbas cabs over here with--choose your cab, and a nice cover where we can meet somebody in a ball park with thousands and thousands of people
We ever get in trouble, we can go over the bridge here to Anacostia DHS--we're safe
We can take a helicopter over to Ocean City Maryland
And then fly down to Florida
And then get a jet anywhere where the FIVEEYES can take us
In New Zealand or Australia or else Canada or the UK, and we can still continue operations there
Do I think Imran worked here instead of downtown?
Yes I do, because the Rao Abbas cabs getting people started
Bringing them in in an infiltration program--or let's call it a paperclip operation--would be key to be near all this stuff
(sorry about that)
So anyway I'll just move on to the FISA, which is the last big story today
Over a year ago this is this is March 1st last year I talked about them getting a June warrant, because I saw--the the whole press leaks the press leaks
I didn't know that time about Papadopoulos, but the press leaks were happening in June
So I said if they are going to get have a color-of-law to cover this thing, you're gonna have to have a warrant in June
And I believed that there was a FISA court that met
But I saw their their time when they don't meet very often around July 12th
And I surmised that they tried to go to the FISA Court to overrule, maybe it would got rejected, and then they went to the FISA Court to get it approved
Or the other way around
Maybe it was rejected or maybe was approved and then it was overturned, later overturned
Probably was rejected first by Rudy, and then in June, and then they overturned that and approved it in July, since all three of these folks are Clinton appointees
But we'll see but
Here I was but so I still believe that signing July then goes to October, then goes to if it fits the timing better, and I still think that there was a FISA Court of review if Rudy Judge Rudy Contreras shot blocked the first FISA, which I think is the case
So that sets up today for the big memo the Schiff memo
And sometimes all you have to do is put two stories together this story I did about 50 days ago in front of the Navy Lodge here in Washington DC
Remember enter America, Inter America is the company that Imran Awan worked for at this location
So is Imran Awan supplying 33 secure phones--33 secure phones--not a masonic number--but 33 secure phones for these Navy fake cops in these 33 states?
These Navy fake mason cops
I mean there they are there's the badge
I didn't make this up
So now I've seen my sister of color
I've seen my sister of color Maxine Waters associated with Mr. Henry Grand Wizard Henry here
I just want to say right now as a Cherokee, I totally want to defend my sister of color as being abused in this situation
She's obviously been tricked, hoodwinked, otherwise fooled by these grand Wizards of [whatever]
They they kind of I don't really think these are the same two people he does the beards not as big but maybe that is the same guy,
But anyway they died conveniently before these trials
Interestingly enough we were at the Capitol yesterday and Inter America was demonstrating all kinds of products--all kinds of food products inside, as well there's there being a lot of dreamers at inside the Rayburn office building yesterday
And I thought "wow what a great way to bring stuff into America"
Enter America through the food products, as I've said many many many times
So you can go back to me being in front of this Navy Lodge, I think all the way back a hundred and fifty days, probably further back
But this is where I think this is the Technology Center
This is where they're getting the people who are running the food products in and out
And I think it's gonna be a lot of different Inter-America products
But the people running them in and out of the United States are using Imran's Blackberries in these 33 states
We just find out what 33 states the Grand Wizard here is overseeing, I think you're going to find the answer
I think one of them is San Francisco, unfortunately
One of them is Nancy Pelosi's district
Even though this is the Los Angeles Times story and they were operating out of Chinatown Becerra's old place, I think they're also operating out of the Mission District in San Francisco and the the Navy Yard, down by the Embarcadero, where Kate Steinle was killed
I believe is one of the key entry points as well as across the bay in Oakland is another key entry point
And I believe we're gonna find the Masons are Masons there with Anthony Weiner's trusted staff's BlackBerry's there as well
It's day 113 part 3 and the new face involved here is going to be this guy named Oleg Deripaska
Just think about a pasta like a seafood linguini Podesta pasta, daring you
Getting up and or maybe pointing a derringer at you the little pasta jumps up off the plate points a derringer at you
And then you'll never forget Oleg Deripaska
Why is he important? Because he's sort of a second generation from this Marc Rich generation
Marc Rich made a deal celled sold out Russia, basically
All the mineral wealth--he sold out Russia
And there was a episode I did a while back a long time ago 450 days ago--it was of a journalist sitting in the hotel I believe was the Moscow Hilton watching the White House in Moscow, being hit with shells, and them trying to do as many deals as they could with all the metals and mining in Russia
And I believe it was Boris Yeltsin's son-in-law
And I believe all like Deripaska knows that son-in-law pretty well
So Oleg got the aluminum company
But it was really all about a company called Glencore and I'll get there in a second
But now you've seen this come out or like Deripaska come out into this new controversy that we have with Mark Warner Senator Mark Warner
With Mark Warner trying to set up a meeting between Oleg Deripaska and also Mark Warner
So if you don't remember Oleg Deripaska he different Strzok for different folks
He's Andy McCabe's lifelong friend
Everywhere and he seemed to be here was Oleg Deripaska
This is a great article by by Thomas Paine last year, talking about how these Case Files wherever Oleg Deripaska was is where Andy McCabe was gonna find Andy McCabe has been involved Uranium One especially since 1998 every step along the way with Oleg Deripaska every step along the way
Read this article it's a great article
So if you haven't heard about the Mark Warner this is what Mark Warner looks like right there
He is trying to do a back-channel secret meeting with for Steele and an intermediary for this Russian oligarch
Now for some reason theHill does not name the Russian oligarch, which is Oleg Deripaska
And that is the the key thing here is "hey we got to get this story straight"
We got to somehow turn this around, get it back onto Trump, get it off of us
Somehow, some way, Mark Rubio thinks this back-channel type communication, in the midst of the embroiler that we're currently in, with trying to overthrow the president, is somehow a good idea--to defend this kind of ex-parte communication, which is highly suspect in the least
But as I said it all leads back to Glencore
Glencore buys Oleg Deripaska's company
Basically what they do is they shard it into many little companies
And then they bring them all back into Glencore
If you don't remember, Glencore was started by Marc Rich in 1990 or 1974
Long long history with the Clintons 44 years now
Again, as I said, this is all just oh yeah the Iran-Contra it's just now Awan-Contra they're the same to me now
So anyway metals and mining metals and mining metals and mining
That's what it is about
And all you have to do is go down to countries that we've learned about through Mark Lambert
Oh here's the Mopani mines that Glencore's in
I wonder if Mark Lambert's gonna be near the Malpani mine?
Oh Democratic Republic of Congo
I wonder if they're going to be near the Shinkolobwe mine?
Copper here--there's also going to be Uranium as Katanga down here in the Katanga province, right?
what they did is they took all these metal and mining information that the Russians had, and they just they just stole it!
I mean not stole it, but bought it for pennies on the dollar
I was actually in Czechoslovakia in 1989 while this is all going on
I witnessed it firsthand
A lot of it was being sold through Czechoslovakia at the time
Western Sahara, where have we heard that before? For the mining there, for the phosphate
And then of course these paradise papers came out
This isn't the Panama papers, but look at this guy named Dan Gertler, who was making all of these deals in Congo
And if you remember OFAC which is the overseas company overseas part of the Treasury Department, that seizes assets
Dan Gertler was one of the seven that was recently I think it was November December hit with sanctions
So this is all coming together
This is why the Rothschilds are selling too, because the Rothschilds are involved in this as well
And they don't want to lose their assets
They're gonna get it into Bitcoin as fast as possible
So this is really collapsing
I believe this guy Laufman who just left
And then I heard another aide outside of Reibeci just left of the FBI
This is collapsing so fast, it's hard to keep up with
It but we'll see where it goes Laufman would be great to get an interview
Somebody should enter on the internet should do a long-form interview with Laufman
Anybody who knows how to get a hold of Laufman, we'd love to interview them as well
You don't know where to start
Everything is collapsing so quickly, but we're gonna try
But it's all going to come back to Marc Rich
As we've said, Awan-Contra, Iran-Contra same thing
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