Elon Musk Jokes about Giving Satoshi a Nobel Prize, Reveals Bitcoin Balance

Wall Street is abuzz with rumors that Apple might dip into its $245 billion war chest to purchase electric vehicle giant Tesla, but all Crypto Twitter wants to talk about is what Elon Musk thinks about bitcoin – and its pseudonymous creator.

Tesla CEO Doesn’t Have Much Crypto, But He Owns Bitcoin

Just one day after heaping praise on bitcoin during the latest episode of the ARK Invest podcast, Musk revealed that he still owns a relatively small amount of cryptocurrency. All of it, he said, is denominated in bitcoin.

Responding to a report that he had called bitcoin “brilliant” and said that crypto was a “far better way to transfer value” than paper money,” he stressed that he had not yet made the transition himself:

“That said, I still only own 0.25 BTC, which a friend sent me several years ago. Don’t have any crypto holdings.”

Elon Musk said the only cryptocurrency he owns is bitcoin. | Source: Twitter

Musk has long maintained both that he only owns one-quarter of a bitcoin and that it was a gift – he did not purchase it himself.

Almost exactly one year ago, Musk tweeted:

“I literally own zero cryptocurrency, apart from 0.25 BTC that a friend sent me many years ago.”

Those funds were worth as much as $5,000 during the crypto market’s late 2017 bull run, which doesn’t even add up to a drop in the bucket of Musk’s massive $22 billion net worth.

Musk owns no ethereum, which is somewhat ironic given the proliferation of crypto scammers who have schemed to trick his followers into participating in a fake ethereum giveaway.

Elon Musk: Satoshi Deserves a Nobel for ‘Delayed Gratification’

Rumors have long circulated that Elon Musk himself created bitcoin, though he flatly denies them and few within the crypto industry give them any credence anyway.

Replying to yet another tweet implying that he was Satoshi Nakamoto, the Tesla CEO joked that Satoshi deserves a Nobel Prize for “delayed gratification,” given that he/she/they owned a fortune in cryptocurrency but never spent a dime, other than for testing purposes.

“Whoever owns the early BTC deserves a Nobel prize in delayed gratification”

While the Royal Swedish Academy of Sciences has not yet recognized “delayed gratification” as a valid scientific field, Musk does have a point.

Satoshi is believed to have at one time controlled bitcoin wallets holding as much as 1 million BTC – funds that have never been spent.

At the height of the crypto boom, the mysterious programmer would have ranked as one of the world’s richest people, with a net worth – nearly $20 billion – rivaling that of Musk’s. However, a decade after the cryptocurrency’s launch, the general consensus is that those coins are locked away forever, either because Satoshi died or otherwise lost access to the wallets containing them.

Despite his praise for bitcoin, Musk maintains he does not think it is wise to involve Tesla in the still-fledgling crypto industry. However, some believe that his love for technology and courage to gamble on nascent-but-potentially-world-changing ideas makes a future embrace of cryptocurrency inevitable.

After all, if someone’s going to take bitcoin to the moon, it makes sense that it would be the founder of SpaceX.

Elon Musk Image from AP Photo / Rich Pedroncelli


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Author: Josiah Wilmoth 
Image Credit: Source: AP Photo / Rich Pedroncelli

Cryptocurrency Bitcoin Marks 10 Years

October 31, 2008 marked the birth of bitcoin. Ten years on, the world’s first cryptocurrency is at the forefront of a complex financial system viewed warily by markets and investors.

From its first evocation amid a global financial crisis, in a white paper written by Satoshi Nakamoto, an unknown pseudonym, bitcoin conveyed a political vision.

The “abstract” set out in the paper for bitcoin, currently worth about $6,400 per unit from a starting point of virtually zero, was for “a purely peer-to-peer version of electronic cash (that) would allow online payments to be sent directly from one party to another without going through a financial institution.”

A decade on, this continues to be carried out via a decentralised registry system known as a blockchain.

Such ambition for a cryptocurrency was fuelled by the bankruptcy of US investment bank Lehman Brothers in September 2008, an event that discredited the traditional system of “a small elite of bankers… (that) establishes monetary rules imposed on everybody”, according to Pierre Noizat, founder of the first French bitcoin exchange in 2011.

Following its creation, bitcoin evolved for several years away from the public eye, grabbing the attention for the most part of geeks and criminals—the latter seeing it as a way to launder money.

After bitcoin surpassed $1,000 for the first time in 2013, it began to attract the attention of financial institutions.

The European Central Bank compared it to a Ponzi scheme, but Ben Bernanke, then head of the US Federal Reserve, hailed its potential.

A turbulent childhood

In early 2014, the cryptocurrency faced its biggest crisis to date, with the hacking of the Mt. Gox platform, where about 80 percent of all bitcoins were traded.

The result was a collapse in their value, leading to predictions of the virtual currency’s death.

It took until early 2017 for bitcoin’s price to fully recover.

That marked the start of a “turning point” according to Noizat, as the controversial cryptocurrency then rocketed to more than $19,500 by the end of the year according to Bloomberg data.

That meant bitcoin had a total capitalisation of more than $300 billion, according to the specialised website Coinmarketcap.

By January 2018 the value of all cryptocurrencies exceeded $800 billion, before the bubble burst.

The concept of a digital currency has progressed substantially thanks to bitcoin, cryptocurrency analyst Bob McDowall told AFP, pointing to the creation of 2,000 rivals.

“It becomes more than a technological, economic innovation. It almost becomes a religion for some people,” he noted.

According to Anthony Lesoismier, co-founder of investment fund Swissborg which offers portfolios based on blockchain, “the real revolution has been on a philosophical level”.

But for economist Nouriel Roubini, decentralisation in crypto is a myth.

“It is a system more centralised than North Korea. Miners are centralised, exchanges are centralised, developers are centralised dictators,” Roubini tweeted.

If the initial idea was for bitcoin to facilitate payments, a majority of observers recognise that it is used above all as a store of value or as a speculative instrument owing to volatility in its value.

“You need 20 years for this kind of… technology to take hold completely,” said Noizat, who is banking on faster transaction speeds for bitcoin.

As it stands, about five to ten bitcoin transactions can be processed per second compared with several thousand for Visa cards.

Looking ahead, US market regulators are considering applications for bitcoin-based exchange-traded funds, which if approved by the Securities and Exchange Commission would see the virtual currency become part of a financial system it set out to bypass.

“We must cross some bridges in the short term” to generate the general public’s interest and trust, said Lesoismier, who described himself as both an “idealist” and “realist”.


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Author: Kevin Trublet
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A Long-Secret Bitcoin Key Is About to Be Revealed!

A long-held bitcoin secret is about to be revealed.

No, it’s not the identity of Satoshi Nakamoto, it’s a private key the cryptocurrency’s creator entrusted to several bitcoin developers that activates the protocol’s so-called “alert system,” once used to flash a text warning to those running the software in case something happened that could impact the security of their funds.

If you didn’t know bitcoin had a warning system like this, that’s because it was retired in 2016 due to security concerns and frequent confusion about its use.
“The alert system was a frequent source of misunderstanding about the security model and ‘effective governance,'” well-known Bitcoin Core contributor Greg Maxwell wrote in a public email from September 2016.



In short, some in the bitcoin community thought it could be used to change that network rules that unite users, which isn’t really the case. For example, a BitcoinJ developer once wanted to use the key to control fees, while a Bloq staffer pressed for Bitcoin Core developers to use the key to change the network’s mining difficulty.

Plus, developers were worried that if the wrong person got ahold of the key, they could broadcast false messages or potentially cause panic.

As such, to some, the reveal – being undertaken by Bitcoin Core contributor Bryan Bishop – is a long time coming.

“Folks, it’s going to be an interesting show,” Bishop tweeted, followed by a string of tweets cryptographically proving he’s in possession of the secret key, without fully revealing it quite yet.

The reveal is the final step to destroying the system. After Bitcoin Core developers released new code in 2016 without the alert system, in January 2017, a “final alert message” was broadcast, which – by law of the code – made that message unable to be overridden by any other messages in the future.

Still, the private key needs to be displayed publicly so there’s no possibility of reputation attacks against those developers that hold it.

Bishop told CoinDesk he plans to release it soon, though he’s not sure about the exact date, adding:
“It’s time. I’m thinking about releasing the private key early July at Building on Bitcoin, though it’s not finalized yet.”

Danger for altcoins

Still, it isn’t as easy as it sounds.
Revealing the key is potentially dangerous for any cryptocurrencies that used an older version of bitcoin’s code to create their cryptocurrency and have not disabled the alert key mechanism in their own code.

“If the copycats have not disabled the alert system, nor changed the alert key [public key], and if they have not sent what’s known as a final alert message, then once the [bitcoin] keys are released, anyone will be able to send alerts on those [other] networks,” Bishop told CoinDesk.

It’s happened before actually. Litecoin creator Charlie Lee recounted on Twitter just last week how the lesser-known Feathercoin protocol (which copied litecoin’s code) received litecoin’s alert about upgrading to the latest litecoin client.

And while that isn’t a particularly nefarious example, Bishop said, controlling what alert messages are sent on various networks “sounds dangerous.”


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As such, in Maxwell’s 2016 email, he said he had spent and would continue spending some time searching through other cryptocurrency codebases. If they were found to contain the alert key code from bitcoin, he vowed to notify those projects to remove that code.

Maxwell concluded:
“At some point after that, I would then plan to disclose this private key in public, eliminating any further potential of reputation attacks and diminishing the risk of misunderstanding the key as some special trusted source of authority.”

Reputation on the line
But, two years later, neither Maxwell – nor any other Bitcoin Core developer – has revealed the key.
“It’s something we have wanted to release for a few years. Nobody took any action, though,” Bishop said.

But by now, the projects susceptible to this vulnerability have had time to remove the code and upgrade. Although, some of those projects might not have developers anymore, even though users and still trading and using the cryptocurrencies, which could mean there’s been no update.

That said, Bishop’s giving these projects one last chance by sending messages on Twitter and through other channels.

Adding pressure that could prioritize the reveal, though, is that Bishop and others are worried about attacks on their reputation. For instance, if the private key was compromised and used to sign a message with bad intentions, it could be blamed on one of the Bitcoin Core developers who’s known to have the key.

“Nobody knows the full list of people that have access to the private key. A message could be signed by the private key, and the secrecy is a liability because some of the people who have the key are known in public to have the key,” Bishop said, pointing to the fact that those with the key that are unknown could blame people who are known to hold the key for nefarious messages.

Bishop recently used the alert key (without revealing it) to sign a simple text message that he then tweeted out, displaying how it could be used to trick users or cause confusion within the community.
Plus, he said, there are other long-standing vulnerabilities within the alert key setup that he plans to disclose when he reveals the key to the public.

As such, Bishop concluded:
“It would be better if the key was released.”


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Satoshi Nakamoto Was Not Pleasant To Work With, Says Developer

Satoshi Nakamoto, the creator of Bitcoin, remains the best-known pseudonym in the cryptoverse, and this mystery is one many people are content to leave unsolved. Still, every time something new about the mysterious creator surfaces, the community wants to know – at least to add some level of humanity to their hero.


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Although she/he/they vanished – not quite in a puff of smoke – there are some proverbial breadcrumbs left behind, especially in Bitcoin’s whitepaper. He also posted in some forums and exchanged emails with some early Bitcoin developers. One of them was Laszlo Hanyecz, best known for buying two pizzas using 10,000 Bitcoins, now worth USD 77 million, which brought the Bitcoin Pizza Day to life as some sort of holiday.

According to Business Insider, Hanyecz had been mining bitcoins on his laptop and he expressed interest in contributing to the cryptocurrency’s development online. The developer claims that over the coming year, Nakamoto sent him tasks to complete.

Hanyecz calls Nakamoto paranoid, bossy and kind of weird. “He seemed very paranoid about people breaking the software. He kept calling it ‘prerelease,’ and I was helping him get it to release,” he explains. Apparently, Nakamoto consistently gave him a weird feeling.
He says the Bitcoin creator treated him like a full-time employee, although he did the work for Bitcoin for free and as a side gig, since he had a full-time job already.


Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.Also, Nakamoto wasn’t too thrilled with Hanyecz’s mining, either. “He said, ‘Well, I’d rather not have you do the mining too much,’” Hanyecz said. “He was trying to grow the community and get more commerce use cases. He fully recognized that mining would become a thing where a few people would get wealthy.”

Still, the developer says he has deep respect for both Nakamoto’s project and the person or team behind the name.



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If Satoshi Nakamoto Didn’t Register Bitcoin (BTC) as a Trademark, Who Did?

Bitcoin, as the first and the original coin representing a prototype of a blockchain-based digital asset that has set all standards for the future coins that came after BTC several years later, seems to be registered as a trademark. That is no wonder as all teams have registered their ICOs while branding their ledgers, assets, and platforms in order to make the rights to these assets visible to the eye of the public. Now, Bitcoin has been a long-term favorite of many crypto enthusiasts and programmers, however, the person who registered Bitcoin seems to have nothing in common with the blockchain industry or Bitcoin.

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Who Registered Bitcoin?

Everything started out when a merchant on the well-known online shop, called Etsy, was notified that he will be pursuit by the law in case he continues to sell t-shirts with the name Bitcoin on it.

The merchant got a letter that stated that IP-Holdings will be legally pursuing him in the following period unless the merchant doesn’t pull the t-shirts out of the sale on Etsy. The t-shirts were being sold to Bitcoin fans and had Bitcoin logo and name on it.

It seems that the mentioned merchant did have to stop with his offer on Etsy as IP-Holdings, which is a London-based company that doesn’t have anything to do with Bitcoin, has registered Bitcoin as their trademark and branded the coin as the original property of IP-Holdings.

One is for certain and that is that whoever stands behind the IP-Holdings, can’t possibly be the father of Bitcoin, Satoshi Nakamoto, who should be the only rightful owner of the first digital coin ever to be issued.

However, it is a commonly known case that no one knows who Satoshi Nakamoto is, and those who might hold some information are keeping their silence for 10 years already.

So, it is less likely that we are going to find out who stands behind this alias any time soon.

But, as Satoshi Nakamoto is nowhere to be found, and has no interest in branding his own creation, it seems that anyone could have done that instead of them.

IP-Holdings seem to be one of the rare companies that made it in this devour.

That means that the brand of Bitcoin is now an official trademark of IP-Holdings, in accordance with the information found at the British Intellectual Property Office.

There you can find the information that Bitcoin is registered under the number UK00003279106, which means that the name of Bitcoin officially belongs to the London-based IP-Holdings.

Whether the company is lawfully entitled to trademark this brand despite the acceptance from the British Intellectual Property Office, still remains to be discovered.

Before this company has successfully registered Bitcoin as their own trademark in December 2017, two more companies, one based in London and the other in Russia, tried to list Bitcoin as their trademark back in 2015, but have failed in doing so, since their request was denied.

So, why IP-Holdings stand for the first company ever that has made it with successfully registering Bitcoin as their trademark?

The Bitcoin Foundation replied to this case that they believe that the name of Bitcoin shouldn’t be owned by anyone, which is in the spirit of the decentralized nature of this digital asset.

Regardless of their opinion, IP-Holdings are sending letters to anyone using the brand of Bitcoin, threatening with lawsuits and claiming their rights.

It does make you mad unless of course, you have anything to do with IP-Holdings.

How is Bitcoin doing at the Current Moment?

Bitcoin seems to be hitting low for the past couple of days, especially now when we can see it falling below the price of 7.500$ per one unit, which is probably the lowest of BTC we have seen in a while.

Still ranked as the top coin according to the global coin ranking list, BTC is currently dropping due to the most recent market trend, while it is trading in the red.

Following the latest change in the market, Bitcoin can be traded at the price of 7.152$ per one unit, which is obviously still far from its all-time high of over 20.000$ per one unit, which also marked the golden period for this crypto.

Now, for a reason still unknown, we can see it falling far below its all-time high while the dropping is interrupted only with an occasional bounce off that doesn’t last more than 24 hours as per the usual case in the last couple of weeks.

Do you believe Bitcoin will be able to retain its old glory when it comes to its price in the market and the market demand?


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VR for social networking? What’s Tron (TRX) up to?

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When Satoshi Nakamoto, the elusive legendary code writer who invented the blockchain and Bitcoin, released his ideas about a new currency based on cryptography, he was very clear about the goal: it was about getting rid of fiat currencies, banks, and credit card companies through full decentralization. Very ambitious but very clear.
That’s what it’s all about. That’s what all cryptocurrencies are about. Bitcoin, Litecoin, Ethereum, you name it, they are all going after fiat money. But there’s one exception: Tron.

While Tron’s project does include a cryptocurrency called Tronix (TRX), Justin Sun‘s vision is even wider and more ambitious than Nakamoto’s. Tron’s CEO and founder wants to use the blockchain to create a fully decentralized web in which corporations have no power over content or monetization processes. He targets the entertainment industry mainly, but he basically is going for everything.

The ban on social media: bring it on!
Sixty days ago Twitter joined the anti-crypto club started by Facebook and Google. None of those firms has been outspoken against Bitcoin or any other digital currency (Facebook even started an in-house blockchain team recently), but they’ve been draconian in banning any and all adds related to cryptocurrencies. They are currently being sued for this in countries like South Korea, China, Russia, and Switzerland.



The ban isn’t great news for the crypto world because lack of advertising in media as important as those will slow things down. However, a closer look at the situation suggests that it could backfire against the social media giants and end up favoring the crypto community. Here’s why:

Internet decentralization
Decentralization is the core value of cryptocurrencies, the quintessential feature of the blockchain. The media giants are central authorities in their own fields, they’re not too far from being monopolistic. If they are not Big Brother (not an overstatement after the Facebook and Cambridge Analytics scandal) they are at least gatekeepers. If their behavior serves to illustrate the abuses inherent to centralized power, it only bolsters the need for decentralization on the internet.

Banned things become interesting
When Orson Welles finished filming Citizen Kane and the film was banned, he was just elated. He knew right then and there it would be a huge success (which it was, and it’s considered until today as one of the best movies ever made).

So Facebook and friends may claim they are keeping crypto away in the best interest of their users. But we all want more something when somebody tells us we can’t have it. Just ask Adam and Eve. So while the ban will prevent faster growth in the short run, it will end up making things more interesting for laymen.

People can become fed up with gatekeepers
If Google, Twitter, and Facebook keep taking unilateral decisions, users can just have enough of them at some point. Companies are not a fact of nature and they don’t last on the top forever.

Remember a time when it was unthinkable for IBM to be outdone on the software business by these two Seattle nerds who started up a little firm that was called Microsoft? A few decades later it was equally unthinkable that Microsoft could be challenged by another small startup founded by another couple of nerds, this time from San Francisco, called Google.

So….

The third point is the most relevant for Tron’s case. Justin Sun is trying to rebuild the web from scratch by means of the blockchain so that central authorities for all types of content or social media lose the power they hold. In other words: Sun’s dream is Google’s and Facebook’s worst nightmare.

It’s a very long shot for Tron to get a market share that could be compared to Facebook’s or Twitter’s (at least for now) but it could still create an environment for those content producers who are not so happy about studios, corporations, Google and central authorities in general.

And there’s another possibility: Tron’s blockchain could find another technology to use in tandem. Augmented reality is a good candidate. This combination could create the world’s first VR/AR social media platform, and it would be fully decentralized. That could be the killer app that seals the deal for Tron.

Tron (TRX) and VR
Tron’s looking for meaningful partnerships in the gaming industry. Justin Sun has already created a link with Game.com’s Xu Le who, in turn, has been vocal in advocating and encouraging games that will incorporate the blockchain and cryptocurrencies. He considers the Tron partnership as a win-win deal for both parties.

Once Tron penetrates the gaming industry, bringing VR into their social media would be the logical next step. Tron has the tools, the platform, the resources and the vision to bring it about. That would give the Tron brand, the Tron Foundation, and Tronix a tremendous advantage.

And that advantage would be to stand out. The first obstacle for a new product to do well in social media is the lack of a competitive advantage, of having something that makes it special. That’s the incentive that makes customers move from one platform to another.
Facebook is interesting only if most people you know are there already, for instance. For Tron that could be coupling a successful cryptocurrency with virtual reality. That will snatch some headlines, for sure. As things stand today, Tron can’t seriously think about overthrowing Facebook, or Twitter.

It will have to swim against the current. But it still becomes one of a kind with something like the “premier crypto coin based social media platform” or like “first virtual reality social media platform”. New things are always attractive. If you want someone to remember you, show them something, give them an experience nobody has given them before. That could create just enough interest, attention and users that, in time, they could even become a problem for Facebook.

Virtual Reality games are unavoidable. It’s just a matter of time for them become the rule rather than the exception. Tron is in the right place to be the main crypto factor in this equation and it stands to make a killing if it really takes advantage of those ties.

The first step for Tron would be to get enough meaningful partnerships in the industry and to steer them and their developers into social media outlets. Then, integrating social media and VR would be the next logical step to promote the platform, especially if Tronix and the Tron foundation can shake the gaming industry a bit.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: MaxPositives
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Decentralization is the Core of Crypto Freedom

The Satoshi Revolution: A Revolution of Rising Expectations
Section 3: Decentralization
Chapter 8, Part 2.
Decentralization is the Core of Crypto Freedom

Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has. Always remember that you are absolutely unique. Just like everyone else. Never believe that a few caring people can’t change the world. For, indeed, that’s all who ever have.

–Margaret Mead

Cryptocurrency decentralizes financial power down to the most basic unit of society: the individual. It empowers the average person who now has a viable alternative to corrupt government fiat and central banking systems.

Crypto is profoundly individualistic in other ways. Consider just one.

“The revolution of rising expectations.” The phrase refers to a situation in which an increase in prosperity and freedom leads people to believe they can improve their lives through their own efforts. The belief makes them demand political changes that allow more prosperity, more freedom. The average person is not a freedom fighter, and their demand for change need not hinge on ideology. They simply want a better life for their children.

The phrase arose after World War II had destabilized the power structure of the world. Former colonies from the Far East to Latin America and Africa threw off imperialism and despotism because average people glimpsed another option to conformity: individual freedom.

The advent of cryptocurrency is destabilizing the financial structure of the world, and it has caused a second revolution of rising expectations. It does not occur on the national level but within the lives of individuals, who can finally control their own finances in privacy and with confidence. This has deep political implications, of course, because independent people are less likely to obey.

And, yet, voices within crypto deny that the phenomenon is individualistic. Their argument usually runs as follows: cryptocurrencies depend on a cooperative network of miners, nodes, developers, and administrators. In short, it is collective. This reveals a confusion about the meaning of individualism

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What is Individualism? 

As a social theory, it means advocating the freedom of individuals as opposed to the power of a collective, especially the state. As a personal matter, it means people make their own peaceful choices, especially the choice to say “no.”

Individualism is often misconstrued as a “rugged” independence from the desire or the need for society. In some cases, that may be true. But usually the opposite applies because human beings seek interaction almost as much as they seek food and shelter.

In his masterpiece, Human Action, the Austrian economist Ludwig von Mises explained, “If praxeology [the study of human action] speaks of the solitary individual, acting on his own behalf only and independent of fellow men, it does so for the sake of a better comprehension of the problems of social cooperation. We do not assert that such isolated autarkic human beings have ever lived and that the social stage of man’s nonhuman ancestors and the emergence of the primitive social bonds were effected in the same process. Man appeared on the scene of earthly events as a social being. The isolated asocial man is a fictitious construction.”

Interacting in society or joining a network actually increases individualism because it allows each person to reach his or her potential and to achieve goals that are impossible in isolation. Jointly-produced wealth can be far more abundant than privately-produced wealth, leaving everyone involved richer. It is precisely this sort of social cooperation that has made mankind dominate the planet.

The only relevant question is: do they interact voluntarily or against their will? Are they free to say “no”?

The value of society depends upon the decentralization of power down to the individual. If power is centralized by a state or another collective, then society can easily become a disvalue. Peaceful acts, such as using drugs, can result in prison; property can be confiscated for violating an unreasonable law; children can be kidnapped by a state agency, whether or not abuse has occurred.


A Less Obvious Lesson from Satoshi

A cooperative system is immensely valuable to individuals. In the case of Satoshi, he provided it for free because he wanted to change the world for the better, and freedom is the path to that destination.

The revolution offered by Satoshi Nakamoto is a perfect illustration of how genuine individualism works in society. Economic control is vested in the hands of individuals, where it firmly remains. People can store their wealth in private wallets and conduct international trade, without going through a banking system that is an extension of the state. Trusted third parties, such as banks, are replaced by individuals, such as miners. It does not matter if the miners are part of a collective effort. It only matters that each one participates voluntarily and can say “no” at any point. If that is the case, then they remain full individuals who choose to function within a cooperative effort.

The decentralization of economic control is reinforced, not contradicted, by the cooperation of a network of people—all of whom act in their own self-interest. That’s as it should be. And, yet, all of the strangers benefit each other, even though they arestrangers who might not care for each other should they ever meet. That is true society.

It is also the reason why all state efforts to control cryptocurrency revolve around centralization. Central banks attempt to issue their own crypto in order to usurp the market. Centralized exchanges dominate trades, which they report religiously to the state. Privacy renegades are imprisoned, or otherwise slapped down hard. Private cryptos, like Monero, are accused of being “drug money,” even while state-issued crypto is regarded as pure as fresh-fallen snow. Decentralized, or private systems, are demonized when they are actually the true hope for financial freedom. Which, to a statist, probably makes them demons.

The free market and individual rights are often blamed for the problems of society. The free market exploits and individuals make the wrong decisions; or, so the story goes. And, sometimes, the story is true. But the free market and individual rights are blamed not for the wrongs they commit but because they pose the greatest threats to social control. The libertarian touchstone, Murray Rothbard, explained the difference between “free market exploitation” and state control.

“If I cease or refrain from purchasing Wheaties on the market, the Wheaties producers do not come after me with a gun or the threat of imprisonment to force me to purchase; if I fail to join the American Philosophical Association, the association may not force me to join or prevent me from giving up my membership. Only the state can do so; only the state can confiscate my property or put me in jail if I do not pay its tax tribute. Therefore, only the state regularly exists and has its very being by means of coercive depredations on private property.”

Decentralization of power to the individual, who chooses to buy Wheaties or not, is the acknowledged lesson of Satoshi. The largely overlooked one is that human beings in cooperation with each other is a basic expression of individualism.


Conclusion

“The revolution of rising expectations.” What people need more than anything else is hope; it drives revolutions that occur despite tremendous obstacles, and it creates peaceful societies in which people prosper. But, sooner or later, hope must be based on evidence that there is reason to do so. Cryptocurrency is not merely evidence, it is proof.

It is also individualistic, because nothing inspires individualism as much as the belief that life can become better through effort and merit.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Wendy McElroy
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Three Possible Ways to Destroy Bitcoin

Nine years after Satoshi Nakamoto came up with Bitcoin, it is by far the biggest cryptocurrency we have.
But since success breeds competition, Bitcoin could well be made redundant by copycats in three scenarios brought to us by TechnologyReview.

The first option would be a government takeover. Not too unlikely to happen, given that many government officials, especially in the West, recognize the merits of the blockchain technology, but are wary of Bitcoin and other cryptocurrencies due to their decentralized and pseudonymous nature.

This option was described by David Andolfatto, a researcher at the Federal Reserve Bank of St. Louis, and later refined by Sahil Gupta, an undergraduate at Yale University. Gupta created a system where everything works just like Bitcoin does, except the ledger is managed by institutions certified by the Federal Reserve.


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Option two would be Facebook pulling a Telegram. Just like Telegram, a messaging app, that is trying to make its own coin that users could send each other or use to pay for services within the network and raised USD 1.7 billion in its pre-ICO, the same thing could happen with Facebook, given that they claim to have around two billion active users around the globe. They wouldn’t even have to make a new coin: they could just fork Bitcoin into a corporate version – or take it over completely.

According to TechnologyReview, this would include building a user-friendly Facebook-hosted Bitcoin wallet, integrating it into every profile on the platform, and voila: the whole wallet-alphanumeric-string thing would be much less confusing to your average Joe. They could let users watch ads or write posts to earn coins, or even let the platform mine on their computers. After having 2.2 billion users hooked onto Bitcoin through their own platform, seizing it and making it centralized would only be a step away.

Option three is quaintly named: go forth and multiply, in light of what’s already happening. There would be coins for everything, from specific services to groceries, even coins that are exclusive to stores. “My vision of the future is that there would be thousands if not millions of ways to pay for stuff,” Campbell Harvey, a professor of finance at Duke University, was quoted as saying. This is not a new idea: for example, Kodak announced a KodakCOIN, that people could use to license the rights to their photography on their platform.

Although evocative of gift cards and coupons, blockchain would now make them easily and securely transferable. In the article by TechnologyReview Harvey suggests to think of this as a barter system: “If you have a network and you tokenize the goods and services and enable it with a blockchain, it can become very efficient.”

This would then include moving tokens from one chain to another – an idea similar to exchanging fiat from one currency to another when traveling to another country. A broker would facilitate these exchanges and help you find the coin you need, in exchange for one you already have.

The seven billion people not yet using Bitcoin might not care about the freedom of Bitcoin. As TechnologyReview puts it, convenience would always win: “If cryptocurrencies are to be widely used, it will be the habits of the masses, not the wishes of Bitcoin’s early adopters, that determine what becomes of Satoshi Nakamoto’s vision.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Sead Fadilpasic
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7 Crypto Trading Tips and Common Mistakes

Cryptocurrencies are subject to great debate nowadays. While some top business personalities around the world bill crypto-currencies as futuristic and sustainable, others are widely skeptical and compare them to a fragile bubble waiting to burst.

Rates of major crypto-currencies have soared over recent months. And they have dropped too. For example, the world’s single largest crypto-currency, Bitcoin (BTC), closed at US$ 14, 129 on December 31, 2017.

Barely three months later Bitcoin traded at US$ 8,547 a coin. Similar ups and downs are evident with other crypto-currencies including Ethereum,  Altcoin, Ripple, Litecoin, and Cardano, to name a few. Hence, it is prudent to be extra cautious while investing in crypto-currencies.

Should you be interested in trading crypto-currencies, here are some tips and common mistakes you can avoid.

Why Invest in Crypto-Currency?

This is the first question you should be asking. If the reasons are for getting high returns, you should probably forget Cryptocurrencies altogether. There are no guarantees that crypto-currency prices will rise.

Nor are there any buffers should its prices continue to slide, as will be evident from the performance of Bitcoin and other major crypto-currencies.  Since crypto-currencies are not regulated like conventional fiat currencies, you are not assured of returns on an investment.

A sudden surge may net you immense profits while unexpected drops could result in heavy losses, depending upon rates that you paid for a crypto-currency. Speculation in crypto-currencies remains fairly low due to these inherent risks.

Invest in Several Crypto-Currencies

Crypto-currencies are expensive. Should you wish to invest, it is advisable to create a portfolio of various cryptos rather than investing merely in one or two that are the most popular. Rates of various crypto-currencies fluctuate regularly.

Hence, if your investment on one crypto drops, you can derive some buffer from others that are rising. Never buy crypto-currencies when rates are on the upswing. These increases are seasonal and can prove misleading- which is evident with Bitcoin.

Instead, study rises and falls during a span of one year to arrive at a median price. Always place an order to buy cryptos at rates below this median price. Thus, whenever a crypto-currency rate drops, you are buying some for your portfolio.

Hence, you need to watch constantly for peaks, drops and market corrections. There are some ways and means to earn free Bitcoin or at least a fraction of Bitcoin called Satoshi. Before leaping at these offers, ensure that the website or scheme is genuine and not a scam.

Place Orders with Exchanges

With crypto-currency exchanges, you can use a system called ‘limit orders’ rather than ‘market orders’ floated by brokers. Limit orders allow you to pay minimal fees while buying cryptos. This is because ‘limit orders’ are based on the price at which you wish to buy a crypto-currency.

Hence, your order may take some time for fulfillment. On average, you pay 0.25 to 0.4 percent fees of the value of transaction on ‘limit orders’ which can surge to 1.5 to 2.0 percent on ‘market orders.’

Place your order for a fixed price when rates of a crypto are on the decline. This ensures you get them at a rate you wish to pay rather than what the market demands. The system allows you to add more coins to a portfolio, though it can take some time.

Choose Long-Term Investments

To strike big with crypto-currencies, stay invested for longer terms. This offers several benefits while building a portfolio with cryptos. Firstly, you get opportunities to buy low at the right entry point and hold without bothering about market corrections and occasional dips.

It also helps to prevent undue panic selling, should prices of a crypto plunge without warning. While you can buy more during severe drops, never sell whatever cryptos you hold.

Instead, retain them for a fixed number of months or years, like any conventional currency term deposit. Crypto markets operate 24x7x365. The longer you hold – the more you can buy at low rates and sell when the market is at peak.

Avoid One-Time Investments

Simply, this means you should not put all your money into buying various cryptos on a specific day or period. Instead, stagger your investment in various crypto-currencies. Look for highs and lows.

Keep enough money to buy when any crypto hits the lowest mark compared with its prices in preceding months. For this, you need to finalize how much you intend to invest in crypto-currencies and draw plan about which crypto would feature in your portfolio.

Never opt for more than 10 different crypto-currencies for your portfolio since managing them gets cumbersome. An ideal crypto portfolio would consist of high, medium and low price coins as well as those emerging on the market and showing promise of good growth.

Beware of Scams

Unfortunately, the crypto-currency world is full of scammers. They pose as legitimate crypto-currency exchanges and brokers or even blockchain miners. Generally, these scams will offer you crypto-currencies at very attractive prices that tempt you to invest.

Similar to other scams, they vanish once you have made payments. Other scammers may ask you to trade Bitcoin for another high-performance crypto. They will offer a large number of one or two crypto-currencies at rates much lower than other legitimate exchanges.

Also, beware of dubious deals that may ask your username, passwords, and other access codes to your online, offline, or hardware crypto-currency wallet. These dealers will defraud you of every crypto-currency accumulated should they gain illegal access. There are no known ways to trace out who has stolen your crypto-currencies.

Use Hardware Crypto Wallets

You can buy excellent hardware wallets to store your crypto-currencies at prices starting from US $70. Look for hardware wallets that offer highest levels of security such as multiple passwords, fingerprint access and other features that can prevent your cryptos from falling into wrong hands.

Hardware wallets also come with an inherent problem: misplacing one or forgetting usernames, password, and other accessible details mean a loss of your investment. Regardless, hardware wallets are much better since you remain protected from illegal access by hackers to online and mobile wallets.

You can connect a hardware wallet to the internet from any location to trade in crypto-currencies. Always buy hardware wallets from reputed vendors to ensure they are not rigged to leak your username and passwords.

In Conclusion

For a beginner, it is essential to read every available information about crypto-currencies, right from their evolution to current scenarios in the financial market. Also, ensure that crypto-currencies are legal in your country and trading would not get you into trouble with the law.

As more criminals turn to crypto-currencies to fund their nefarious activities, the crypto trade is losing its fabled anonymity. Indeed, transactions can come under the scanner of law enforcers and tax authorities.

Regardless, with sufficient knowledge of crypto-currencies, some online tutorials, tips, and tricks on investing in these futuristic tender will help you reap rich returns.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Anulipa Nandi
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