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drbubb

Beyond Bitcoins - Ethereum & blockchain innovation

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This is surprising. An Impressive rally. I've never seen anything like it in over 10 years of the markets. Bitcoin looks like it wants to leap from $2500. And ETH may clear $300.

 

I won't be back in until it makes a new high though.

 

eth.png

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Vitalik's demise? : Fake News

 

The yakitiyak in the crypto press, is the recent Ethereum crash was a reaction to the fake news story about young Vitalik's demise, ..storm in a tea cup then, because as soon as the young deity cheerily surfaced on social media, the crypto day traders piled right back in again ..The fact that he's been giving his blessing to every tom, dick n harry with a cobbled together white paper, to flog their good idea token for millions on the ethereum blockchain, to the point where it's now already encountering the same scaling issues that's been dogging Bitcoin, doesn't yet seem to deemed as problematic? Let's just hope he doesn't fall hopelessly in love next and decide to take a sabatical!

 

In contrast to Ethereum, Bitcoin continues to grow it's user base beyond the speculative frenzy of the betting exchanges and again unlike Etheruem, it's scaling issues are more political rather than technical, so I'm not convinced the current Bitcoin bull run is even near over. On the 1st August the BitCoin Core development team will modify the code to free up block space, if this goes anywhere near smoothly as it did with the recent implementation on the Litecoin blockchain then we could see Bitcoin considerably outperform previous bull runs. Alternatively, if enough of the Mining pools subsequently attempt to hard folk the modified code with a larger block size, as they seem to threaten to do, then we will have two versions of the bitcoin blockchain and a situation ripe for a new bear market. ..whatever the outcome, late July/early August likely to upset the day trading crew a lot more than even Vita's state of health..

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Thanks, AJS

 

A friend in HK who builds Crypto aps.

Believes that ETH has huge scaling issues.

There is a real issues on how many transactions can take place per second (500? I forgot the number he mentioned.)

 

It can be fixed, he says.

But the code behind it, also has huge limitations.

He avoids writing aps for ETH, because he thinks these limitations will become more serious over time

 

Bitcoins, he sees as a store of value, but there is increasingly slow processing

 

One exchange I use, Bitmex.com, allows you to start trading after just one confirmation, so it will not be too slow in transferring Coins in

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If the bottleneck is processing transactions, chips will be built that will execute EVM instructions.

 

Apart from that Ethereum's block gas limit is floating and was set too low during a popular ICO recently which caused the congestion.

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Here's some comment on the Ethereum scaling effort from Coinbase

 

https://cointelegraph.com/news/coinbase-co-founder-ethereum-needs-off-chain-scaling-solutions-to-scale

 

From the apparent amount of woefully inefficient code already being dumped on the eth blockchain, I think these scaling targets even if somehow achieved in those timescales, are very optimistic.

 

And this attempts to sum up the ICO carry on, awfully reminiscent of the dot.com bust, except back then at least the underlying technology was largely up to the task in hand.

 

http://www.coindesk.com/icos-dumb-money-ethereums-ethical-dilemma/

 

It seems that the majority of crypto investors really have no interest in the technical aspects of what they are investing in, as I'm noticing that tokens such as Ripple, NEM, Stellar, BitShares, Byteball, all of which have been developed from scratch to be far more scaleable than Ethereum and it's many bitcoin forked peers and derivatives, yet are also being subject to the same ongoing mass sell off.

 

The real concern though, is that if and when the Ethereum ICO bubble does really pop, Bitcoin which with it's much simpler blockchain does actually have proven (see Litecoin) scaling solutions, will nevertheless be dragged down by association.

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Ethereum fell, but is still positioned for another possible rally - pinchpoint soon?

 

ETH ... update > https://www.cryptocompare.com/coins/eth/charts/USD?p=3M

bLBmgQw.jpg

 

 

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ByteBall are giving away 98% of their tokens to Bitcoin holders and existing byteball owners on a monthly basis. Next giveaway is tomorrow. https://byteball.org/

 

Byteball data is stored and ordered using directed acyclic graph rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also avoids the scalability limits common for blockchains, such as blocksize issue.

 

It's main marketing angle is that it allows p2p transaction rollback without reliance on third party escrow enablement. https://medium.com/byteball/making-p2p-great-again-fe9e20546a4a

 

Anyway whether the tech interests folk or not, if you are a long term bitcoin holder, setting up a linked byteball wallet should bring in regular monthly income.

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BITCOIN Volatility ahead

 

The forking process starts in August.

Liquidations are expected

Kevin Lawton – Cryptos Are Speculation Not Currency

Published on Jul 9, 2017

Kevin Lawton recently wrote a Kindle short titled “Beyond the Bitcoin Trap: A Crypto Currency for Human 2.0” and predicts, “This year is going to be the year of volatility in Bitcoin price. I expect liquidations, but it’s like a tug of war. There are reasons for people to tug the price up . . . then on the regulatory side, for example, prices could go down. Then someone could legitimize Bitcoin and you could get the price up. So, you got this tug of war going on. My big message is volatility, and know what’s going on so you can protect yourself. . . There is really not utility in using Bitcoin as a currency at the moment because of transaction speed and because of the price volatility. . .Bitcoin is still not very usable as a currency. . . . At this moment in history, crypto currencies are not really currencies. They’re a speculative bet. There are a lot of reasons for them to go up big, but there are reasons you could get completely monkey hammered.”

Join Greg Hunter as he goes One-on-One with tech entrepreneur and published author Kevin Lawton, founder of TrendCaller.com.

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Bitcoin - the scaling issue

 

chart.png?m=bitstampUSD&v=1&t=S&noheader

 

Traditional Investors Will Lose Their Shirts Investing in Cryptos—Here’s Why We Won’t

EXCERPT

Theme 3: Scaling

While in Berlin, I met a group of executives from drug giant Merck.

These folks are in charge of Merck’s European innovation group. They’re tasked with identifying innovative technology.

One problem these execs have with current blockchain technology is it can’t easily scale. In other words, they just can’t operate at the speed Merck requires.

This is a common complaint. I’ve heard it from executives in London, Boston, Silicon Valley, New York City, and now Berlin.

The most popular blockchain, Bitcoin, can only handle seven transactions per second*. Like the old 56K telephone modems of the 1990s, that’s awful. But it would be a mistake to think that it will stay that way forever.

Just as those modems eventually transformed into the high-speed internet we enjoy today, it’s only a matter of time before bitcoin cracks the scaling problem.

Solving scaling will be the one event that will transform cryptocurrencies from a relative small-scale market to a global multitrillion-dollar market.

A New Playbook

The way you make money in cryptos is different from the way you make money in tech stocks.

Many traditional investors will lose their shirts in cryptos because they are looking for the next “killer app.”

As I’ve shown you, the money isn’t in owning the applications... but owning protocols with interoperability and the ability to scale.

What I’ve shared with you today is how crypto insiders are selecting their ideas. These are the guys who are turning thousands into millions.

And by following their game plan, we could join their ranks.

Let the Game Come to You!

Regards,

Teeka “Big T” Tiwari

 

(From an email)

 

* I have been told by an Ap developer friend that Ethereum fails at maybe 50 transactions per second

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ETH - the sellers are still in charge!... update > https://www.cryptoco...charts/USD?p=3M

tgTHZ1l.jpg

=

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Ethereum Triggers
blVuoS7.jpg
what event? who pulls? how pulled?
An outstanding feature of the Ethereum blockchain, is how it can be used to create "smart contracts" which are triggered in a more efficient (and perhaps cheaper) manner than standard, old-fashioned legal contracts, which may require a more elaborate discovery and settlement process.
A new thread will look at some examples, and discuss issues and challenges in using Ether-related triggers
==
> http://www.greenenergyinvestors.com/index.php?showtopic=21598

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Good luck to all Bitcoiners, hard fork looming on Tuesday.

 

Reading the crypto gossip, this looks like a shootout between East and West for the soul of Bitcoin.

 

If it goes well, we could be off to the races again, ..if not, then at least we'll have a dod of fresh new BitcoinCash to temper the disappointment!

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Post can be found on DollarVigilante.com

07/30/2017

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Some people have put the label "Ethereum hater" on me because I recommended selling it when it hit $400 in June.

 

 

05a79ee5725c63b1e2e5fd15837dba51.jpg?r=1

I'm far from an Ethereum hater though. In fact, I was recommending it before most people who own Ethereum today even knew it existed. I recommended it to TDV subscribers at $2 in January 2016.

 

I've been a fan of Ethereum from before it even existed. I met with Anthony Di Iorio and super genius Vitalik Buterin at their office at DECENTRAL in Toronto years ago when Ethereum was just a glimmer in Vitalik's eye.

 

3088594374d7d227e88fef45ef832909.jpg?r=1

But, when I first recommended it, 18 months ago, Ethereum had a $150 million market cap. By the time it hit $400 it boasted over a $30 billion market cap. And I felt it had gone too high, too fast.

 

And it certainly was getting all the buzz with Vladimir Putin promoting Ethereum and Floyd "Money Maker" Mayweather tweeting about it!

 

7e90978c6e5e8c8b54197667fdca95ed.jpg?r=3

And, it turned out I was right that Ethereum had gone too high, too fast as it currently trades below $200.

 

Aside from that Ethereum has a lot of issues. Being the first platform of its type it has had lots of problems (ahem… DAO) and lots of limitations and issues. Some of them are part of the design itself… which means it will be difficult if not impossible for Ethereum to adapt or change.

 

This is where Dan Larimer comes in.

 

DAN LARIMER

 

Dan Larimer is another Vitalik like genius.

 

He has already created Bitshares, a decentralized cryptocurrency exchange which currently has a market cap of $280 million.

 

After that he created Steem, a decentralized social media platform, which has a market cap of $233 million.

 

I consider Steem to be truly genius. Not only did Larimer imagine how it could be possible but he designed it all from scratch and it has worked nearly flawlessly since its launch about 18 months ago.

 

On top of this, Dan is an anarcho-capitalist with a deep understanding of Austrian economics. On his personal blog and non-violence profitable."

 

He had me at Austrian economics!

 

And now he has created EOS.

 

Suffice it for now to say that EOS competes in the same space as Ethereum and potentially has numerous, major advantages. It could realistically be an "Ethereum killer".

 

Although It is still in early stage development and hasn't even launched yet. But this is where you can potentially get massive gains as an early speculator.

 

EOS has just begun its ICO and you can still purchase as an ICO, and find out more about it here. Note that, as always, it is not available to Americans.

 

It has also just begun trading this month on a few cryptocurrency exchanges. Bitfinex and Kraken are two of the more popular ones. As I mentioned yesterday, I really like Bitfinex (and you can get 10% off your commissions in the first month by signing up using this link: dollarvigilante.com/bitfinex)

 

EOS is still in development and just began trading and EOS is already the 11th largest cryptocurrency by market cap, trading at a $400 million market cap near $1.75.

 

2548036d50950fc42f0e4d34df6982aa.jpg?r=1

So far, the parent company, block.one, has already raised over $200 million via token sales. An absolutely staggering amount… and also a good backstop for the value of EOS. Barring something quite crazy happening we shouldn't see EOS trade much below its cash value.

 

In the meantime, given the current pullback in the cryptocurrency space, I suggest you try to pick some EOS up at current price levels. At the time of this writing it is trading at $1.74 USD. It was trading at over $5 when it launched earlier this month… and we could see it trading well over $5 very quickly once people find out about it.

 

You can see my recent interview with Dan Larimer on EOS here:

 

f748756f600091923da5642d0680895f.jpg?r=2

CONCLUSION

 

EOS has a star studded cryptocurrency team. Aside from Dan Larimer, who I consider one of the top minds in the space and inventor of the delegated-proof-of-stake (DPOS) consensus algorithm, there is also Brock Pierce, creator of the first ICO token, Mastercoin and Ian Grigg is the financial cryptographer.

 

If they can follow through on their plans to create this platform there is nothing stopping EOS from being as big, or bigger than Ethereum. Ethereum currently has a market cap of $17 billion while EOS has a market cap of $300 million.

 

In other words, we could see EOS increase in value by more than 50 times if they succeed.

 

If they don't, however, it could go to zero.

 

So, that is the risk/reward.

 

For those who wished they had bought a few thousand dollars worth of Ethereum 18 months ago when it was $2 this may be your second chance.

 

If you do buy some I recommend subscribing to The Dollar Vigilante newsletter (HERE) as we regularly cover and update on all the cryptocurrencies, including EOS.

 

Here is our track record on cryptocurrencies to date:

 

87e3c66ebd90745fb382d983d0a01803.jpg?r=9

We will see in the coming year if EOS is yet another massive gain or not.

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mail_header.png

Dear

We would like to take this opportunity to let you know our plans for the upcoming weeks as we navigate any potential disruptions on the Bitcoin (BTC) network. As always, our focus will continue to be on the safety of your funds. In the event of a User Activated Hard Fork (UAHF) on 1 August or thereafter, it is important to clarify that Bitstamp would not be in a position to support Bitcoin Cash (BCC), the coin associated with the Bitcoin Cash proposal. In Bitstamp's view, BCC is an alt-coin and the decision to list BCC tokens remains at our sole discretion at all times.

If Bitstamp chooses to list BCC, we would decide at our own discretion on what course of action to take with balances deriving from the hard fork. BCC would also be subject to the same due diligence processes as for any other alt-coin, which requires time and careful planning. For these reason, Bitstamp is not in a position to support BCC, nor will Bitstamp be liable for any BCC sent to Bitstamp.

As always, the safety of your funds remains our number one priority. To this end, as a security precaution, we will be disabling bitcoin deposits and withdrawals on 31 July 2017 at 23:00 hrs UTC to ensure that all BTC funds stored at Bitstamp remain secure. Trading will remain unaffected throughout. Deposits and withdrawals will be resumed only when we deem it safe and prudent to do so.

We will leave it to you to decide whether to withdraw your BTC funds from Bitstamp prior to this cut-off date if you would like to access BCC or any other hard fork, and Bitstamp shall not be held liable for any consequences of that decision, from neither a financial, operational nor regulatory standpoint.

To be clear, Bitstamp has no favoured outcome to the resolution of the bitcoin scaling issue. Our sole focus is on you and your best interests. As such, we are continuing to monitor developments closely. Please check our Twitter feed, Facebook page and website for the latest news, updates and developments.

Best,

The Bitstamp team

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mail_header.png

Dear

 

We would like to take this opportunity to let you know our plans for the upcoming weeks as we navigate any potential disruptions on the Bitcoin (BTC) network. As always, our focus will continue to be on the safety of your funds...

Best,

 

The Bitstamp team

 

If you don't control your private keys, you don't control your money, these crypto exchanges are the very last places to trust with your crypto, you want to get in, trade and get out as quickly as you can.

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f748756f600091923da5642d0680895f.jpg?r=2

CONCLUSION

 

EOS has a star studded cryptocurrency team. Aside from Dan Larimer, who I consider one of the top minds in the space and inventor of the delegated-proof-of-stake (DPOS) consensus algorithm, there is also Brock Pierce, creator of the first ICO token, Mastercoin and Ian Grigg is the financial cryptographer.

 

If they can follow through on their plans to create this platform there is nothing stopping EOS from being as big, or bigger than Ethereum. Ethereum currently has a market cap of $17 billion while EOS has a market cap of $300 million.

 

In other words, we could see EOS increase in value by more than 50 times if they succeed.

 

If they don't, however, it could go to zero.

 

So, that is the risk/reward.

 

For those who wished they had bought a few thousand dollars worth of Ethereum 18 months ago when it was $2 this may be your second chance.

 

If you do buy some I recommend subscribing to The Dollar Vigilante newsletter (HERE) as we regularly cover and update on all the cryptocurrencies, including EOS.

 

Here is our track record on cryptocurrencies to date:

 

87e3c66ebd90745fb382d983d0a01803.jpg?r=9

We will see in the coming year if EOS is yet another massive gain or not.

 

In the process of substantially lightening up on Ether, I've swapped for BitCoin (ofcourse), LiteCoin (the irony!), NEM, PIVX, IOTA as well as a little EOS.

 

EOS, I'm the most uncertain about, I'm convinced now of Dan Latimer's dim view on ethereum's future because I've come across it from so many other quarters.

 

But Jeff Berwick's interview is awfully sycophantic, and doesn't even bother to ask how the EOS token will derive it's value, other than make Latimer and his backer's even richer in Ether.

 

There's plenty of speculation on Steemit e.g. https://steemit.com/eos/@kasati/what-will-be-the-long-term-value-of-eos-tokens

 

Can't find any comment directly from Dan the Man though and Jeff couldn't care less he's just buying whilst it's such an apparent bargain!

 

On the other hand, technically I'm impressed with both Steemit and Bitshares, - Latimer has proved, he can design scalable applications using blockchain technology that not only work, but people will actually use. But I don't agree that Steemit for example is near finished, the front end could be a lot more polished and user friendly.

 

Just for balance here's another Jeff Berwick interview, where he interviews a Steemit critic.

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If you don't control your private keys, you don't control your money, these crypto exchanges are the very last places to trust with your crypto, you want to get in, trade and get out as quickly as you can.

Yes, I cashed my bitcoin in today. Don't like the idea of being at the mercy of Bitstamp. Can always buy some later on once the dust has settled.

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ETH bounce underway - could develop into something more powerful

 

ETH : 6mos : 3mos :

Gog0pYU.jpg

 

 

Meantime, there's a danger of a bigger correction in Bitcoin prices

 

BTS ... 10d :

t53y1E9.png

==

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Good luck to all Bitcoiners, hard fork looming on Tuesday.

 

Reading the crypto gossip, this looks like a shootout between East and West for the soul of Bitcoin.

 

If it goes well, we could be off to the races again, ..if not, then at least we'll have a dod of fresh new BitcoinCash to temper the disappointment!

 

Massively under whelming really, ..Before the event, the overwhelming consensus from the crypto gossip was that bitcoin's price immediately prior to the fork, would be split between the two blockchains post fork. In fact the price on the original chain seemed almost oblivious to the whole process, and in hind sight the brave folk who left their bitcoin on Exchanges that recognised the new coin such as Kraken would have had the chance to cash out when BitCoinCash was briefly over $600 lunchtime Wednesday, it's worth less than half that now! I still can't get my Bitcash confirmed onto an exchange, ...if it's possible to feel short changed after being gifted piles of free dosh, I'm managing it!

 

..Meanwhile the original Bitcoin looks like it's readying itself for another attempt at breaching $3000. This coming Tuesday could be the catalyst as this is when Segwit is due to lock in providing 95% of the miners continue to signal their support for it.

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Wow - jump in BTS to $3200

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Yup, Bitcoin price action too impatient to wait for Segwit lock-in either! Really kicked off in the early hours? Had a dig around the crypto gossip, seems the Mining pool behind the fork already running into security concerns. https://twitter.com/ViaBTC/status/893744282087047168

 

 

Hopefully, (though I doubt it), these Miners might learn the lesson, ..leave Bitcoin in the very capable hands of the BitCore Development team, else risk having it end up as flaky as Ethereum..

 

Starting to look like the next leg up underway now..

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