Today I made pizza with mum's help and it was nice
Bitcoin enthusiasts have this quirky tradition called "bitcoin pizza day". It's to commemorate that 10 years ago today user laszlo in the bitcoin forum created by bitcoin's creator, Satoshi Nakamoto, completed what's know as one of the first transactions exchanging bitcoin for something of monetary value. 10.000 bitcoins for a couple of pizzas. Later on, those pizzas would become the "most expensive pizzas ever" if you were to count bitcoin's price increase. He appeared in an interview today and you can read it here if you're interested. Anyway. Just for this occasion I made some pizza with my mum and put a nice big fat bitcoin symbol (₿) on top of it. It was delicious. Maybe making your own dough from scratch isn't that easy, but everything else about pizza is fun and easy. Have you made any pizza to pass time in quarantine? Any weird "traditions" you're reminded of perhaps?
Well before Bitcoin and other cryptographic forms of money became computerized monetary standards, a thought showed up on one of the discussions. Before a coin pulled in the consideration of thousands and perhaps a great many speculators, common admirers of new items and the individuals who need to benefit from the following complimentary gift – known as "Satoshi Nakamoto" proposed one intriguing thought that was effectively actualized sooner rather than later. In October 2008, an article was distributed by Satoshi Nakamoto: "A Peer-to-Peer Electronic Cash System" which implies: a decentralized or fair electronic money framework. Satoshi turned into the dad of digital money or blockchain. There were various endeavors to make comparable structures, yet it was totally concentrated — like existing financial structures. The principal form of Bitcoin code was discharged in January 2009. The principal hinder in the Bitcoin blockchain was made, which offered ascend to the first Bitcoin mining. This exchange was between Nakamoto himself and one of the engineers named Hal Finney. At first, Bitcoin didn't have a conversion scale and proportionality in fiat money, yet in October 2009, one US dollar was equivalent to 1.309 Bitcoin. The conversion standard was equivalent to the expense of power to make the first Bitcoin through mining. In 2010, the first Bitcoin trade was made. It was classified "dwdollar". Florida designer Laszlo Hanetz paid 10,000 bitcoins to somebody in England, who in return purchased Laszlo pizza which cost $25. It was the most costly pizza ever. At the hour of this composition, 10,000 bitcoins is equivalent to $130,000. For instance, in mid-December 2017, 10,000 bitcoins was equivalent to practically a large portion of a million dollars. In August 2010, programmers found a powerless spot in the Bitcoin blockchain, which permitted them to produce 184 billion Bitcoins and the cost of Bitcoin dropped at that point. The Bitcoin trade stage called "MtGox" was made that year and Bitcoin; finished 2010 with a market capitalization of simply over $ 1 million. In 2011, a bootleg market was made under the name "Silk Road" in view of Bitcoin. The primary thought of this venture was unknown exchanges. Unexpectedly, the cost of Bitcoin transcended $ 1. Simultaneously, Bitcoin picked up popularity as an underground market cash or an approach to buy drugs on the web. https://preview.redd.it/3qvwwgk9rsj41.jpg?width=700&format=pjpg&auto=webp&s=7171343171f6e4f39e620b33e72d2f83b469f0e2 In 2012, a few organizations started to apply and acknowledge Bitcoin as a cash to pay for products and enterprises. Before the finish of 2013, the cost of one Bitcoin was somewhat more than $ 1,000. In 2014, China, USA and UK started to make rules and limitations on the utilization and tax assessment from Bitcoin, which permitted the utilization of Bitcoin by money related organizations. Numerous organizations, including Microsoft, have started to acknowledge installments in Bitcoins. In February of that year, the fundamental Bitcoin trade "MtGox", was along these lines hacked by DDOS assaults, losing a great many dollars and hurriedly shut. Notwithstanding this, the cost of Bitcoin, however dropped to $200, balanced out in the scope of $200 and 350. During 2015, the cost of Bitcoin stayed stable and Bitcoin started to secure the characteristics of an authentic cash. Ross Ulbricht, the author of the Silk Road, was condemned to life detainment, motioning to the world that Bitcoin can't be utilized for criminal purposes without any potential repercussions. Another hacking happened in 2016 on one of the cryptographic money wallet administrations, because of which around 72 million US dollars were lost. At last, toward the finish of 2017, the cost of 1 coin went up to 20,000 US dollars, beginning in 2017 with a cost of $1,000. Directly after, because of the way that numerous nations have restricted the utilization of cryptographic forms of money, and the primary informal organizations like Facebook and others have prohibited the promoting of digital currencies for different reasons. Before the finish of 2018, the cost of Bitcoin went down to $3,000, which made mining practically unrewarding. The cost went up the following year. At the hour of this composition, the bitcoin cost is $5,300.
BitOffer: What If the Bitcoin Price Does Not Rise After the 3rd Halving?
As we know it, the 3rd halving, which is expected to happen in May 2020, has been considered as the “BULL” signal by most investors even the bitcoin price has been through a huge decline as a whole during the second half of 2019. It is hard to deny that Bitcoin is a rags-to-riches myth which has risen from a “pizza” price to a peak at about $20,000. The highest growth has even been reached 8 million times. And one common thing I’ve noticed is that super bull markets came out when the last two halvings happened. So, it causes most investors are expecting the 3rd halving. Why do most investors expect the bull market to happen after the 3rd halving? It is quite simple that the total volume of bitcoins is 21,000,000, and all the bitcoins will be mined out in around 2140. Before the 1st halving, each block reward is 50 bitcoins. After that, the block reward was reduced to 25. Then, it was reduced to 12.5 bitcoins after the last halving. When the 3rd halving of bitcoins comes, each block reward for miners will be reduced to 6.25 bitcoins. As the output of new bitcoins becomes less and less, the tight supply of bitcoins will lift the price of bitcoin in a high extent. Thus, most investors hold the view that the bitcoin price will increase sharply after the 3rd halving. Overall, the expectation for a bull market is commonly accepted by most investors. However, what if the bitcoin price does not rise after the 3rd halving? Once the halving happens, the difficulty and the budget of bitcoin mining will be extremely increased. As the miner machine and the hashrate upgraded, plus the electricity bills become more and more expensive, a large number of the old miner machines have to been closed. Recently, Antminer S9, which was popular in the bitcoin mining industry, has been announced the shutdown. If the bitcoin price continues presenting a downtrend, miners would be possible to kick away the miner machines, which could directly trigger a mine disaster. In fact, investors in most financial markets have the common point that they acquiesce the market will present an uptrend. And this thought is dangerous because fluctuations are a normal factor in every market, including the bitcoin market after the 3rd halving. No one has the ability to promise that the bitcoin price will gain after the 3rd halving. So, in this context, HEDGE is the most necessary thing. For the investors in the spot trading market of bitcoins, financial derivatives (futures and options trading) is the easiest solution for hedging. Due to the futures trading is too risky, most normal investors are not able to control the risk so that bitcoin options is more suitable to hedge the risk when you hold bitcoins. For example, BTC Options on BitOffer, a bitcoin mercantile exchange, requests 0 fees, 0 margins, and users do not need to exercise the contracts. It is obviously the best hedging tool ever! Then, how do we hedge the risk by options trading? For example, now the bitcoin price is $7,000, you would earn $1,000 from the spot trading market if the bitcoin price rises to $8,000. But what if the bitcoin price drops to $6,000? Without hedging, you would directly lose $1,000 from the spot trading market. But if you buy a put contract on BitOffer with only $20-$50 to hedge the risk of holding 1 bitcoin, you would earn $1,000 with one put contract on BitOffer Options. In this way, you will save $1,000 loss in holding 1 bitcoin. The bitcoin price is highly supposed to rise after the 3rd halving. History always repeats itself. Now the bitcoin price is about $7,000, after the halving, it is expected to boom for at least twice. If you hold bitcoins, then your profit is likely to be up to 2x. But if you take this chance and purchase bitcoin ETF, then your profit would be more than 6 times. For instance, BTC Leveraged ETF launched by BitOffer in December. Different types of BTC Leveraged ETF have the same features of “Buying Long & Short”, “No Margins” and “No Liquidation”. This product will be managed by the professional financial team. With the automatic positions adjusting mechanism, even the drastic drops happen on the bitcoin price, BTC Leveraged ETF will never be at risk because of its features of “Highly Profitable but Low-risk”.
The International 2018 in Vancouver FAQ (Updated!)
Hey there again, you punks. So with a tip coming from some of the moderators on the board, I've decided just to quickly update this FAQ that I wrote a few months back since TI is next week and I'm sure many of you still have a ton of questions. I've gotten some more information that I can pass down to you in regards to Vancouver but also now TI as well, including updated marijuana laws and beer recommendations. Two quick notes:
This summer has been an extremely hot season in Vancouver (at least in Vancouverite standards). Like anyone who attended in Seattle last year, there is noticeable smoke in the air in the city due to the fires all over the Pacific North West. If you have breathing issues or health related problems do to particles in the air, be advised that there is currently an Air Quality Advisory in effect so act accordingly. Wind/Rain will most likely clear up any issues going into next week, but just a heads up in case new fires flare up or we aren't blessed with some light rain. Forecast is looking to be sunny through midweek and the finals, with an average of about 23-25C.
Yes, but it's not exactly regulated by AirBnB. Feel free to stay at one through AirBnB but know that it might be a little tricky to deal with issues if they come up with your rental. Also while you're at it, check out VRBO.
How far away from Rogers Arena should I stay?
The general piece of advice you'll get from any local about where to stay for TI is going to be anywhere that's on the Skytrain Expo Line (the line in dark blue). The Expo Line will take you to Stadium-Chinatown station, which is where Rogers Arena is 30 seconds away. As in Seattle, the closer to downtown you are, the more expensive it is to stay.
Where are the cheaper hotels like Holiday Inn, Mediterranean Inn or Travelodge like in Seattle?
Unlike Seattle Center, there aren't very many budget hotels left, if at all in the Downtown core. The cheaper hostels are available, though fair warning, many of them are placed on Granville Street, which is a place that many Vancouverites will tell you to avoid while you're here (Though I have never stayed at a hostel on Granville, if anyone has an experience, feel free to share). Check out the Ramada Inn and the Days Inn near Waterfront for some cheaper-ish options.
Are there any areas in Vancouver that we should specifically avoid?
In my mind, there are two places that I would keep a look-out for avoiding while you visit Vancity.
Granville Street. During the day time it's normally fine, filled with some cool shops (Golden Age Collectibles, The Rock Shop, Movieland Arcade) but it's packed to the absolute max with dumbasses at night due to the amount of night clubs. There's police around every weeknight, but since you're in Vancouver for a good time, head towards Gastown, Chinatown or Main Street for places to party.
Downtown East Side. If you've researched anything about Vancouver, you'll know that this area as where a large portion of the cities homeless reside. There is rampant drug use, poverty and sex work in this neighborhood, focused mainly between 5-10 blocks in the area of Main/Hastings. That being said, the community is an especially strong one, with fantastic human beings supporting the less fortunate. Though there isn't too much danger in terms of being robbed, you might want to just avoid the area at night. Be respectful to the people of this community and you'll have no problems.
Is there UbeLyft?
Sadly, no there isn't. We know, it absolutely sucks and everyone in Vancouver is aware. Your options are public transit or a taxi.
What's the parking situation like around Rogers Arena?
Super shitty if you don't like paying for parking. If you can, park outside of the Downtown core near a Skytrain and then head over to the Arena. Commercial Drive is pretty good for this if you can find certain spots. Tinseltown as well if you buy a movie ticket on non-event days.
How does Transit work? What do I need?
If you've ever been to any major city, you'll notice that Vancouver shares the same load-up card/tap system that places like London share. It's called Compass Card and it's fairly easy to use. Just load up money onto the card, tap it when you enter and tap when you leave. It'll do all the calculations for you. Note that certain zones will cost more just due to how far you're traveling.
Does Vancouver have car-sharing?
Yes it does! Car2Go and Evo are two of Vancouver's most popular car share services. Hot tip would be to register before you head over to Vancouver and it'll help mitigate the fact that UbeLyft aren't in Vancouver just yet. Just drive safely.
How do I get from the Airport (YVR) to Downtown Vancouver?
The easiest way to get to downtown from YVR, if you aren't getting picked up/taking a taxi is to take the Canada Line. It will take you directly to Waterfront station, from there you can take multiple buses, the Expo Line (the main line that will take you to Rogers Arena) or the Seabus (going to North VancouveLonsdale).
What's the drinking age in Canada?
19 years old.
I'm new to Canadian beer culture, what would you recommend?
Vancouver has an exploding craft beer culture and you'll be happy to find that the variety of different beers/ciders to drink is absolutely massive, probably to the point of being intimidating. Here are some of my favorite breweries and the beers that you should look out for when you're at the liquor store/pub: Twin Sails Brewing Dat Juice Pale Ale Two Straws MilkShake IPA Short Pants Mosaic IPA Brassneck Brewing Changeling Sour Passive Aggressive IPA Bjorn Again Farmhouse Ale Steel & Oak Changeling Sour Passive Agressive IPA Bjorn Again Farmhouse Ale Bomber Brewing Bomber Parklife Passionfruit Ale Bomber Pilsner Bomber Snow White IPA
Does Vancouver have any specific rules about drinking that I should know about?
Yes. First, there isn't any drinking in public if you already didn't know. Second, you must have TWO pieces of ID on you whenever you go to buy drinks in case you're asked for your ID. First piece must be photo ID, the second piece must be something with your name on it (in order for bartenders/servers to validate the first piece). I see a lot of tourists thrown off by this, so just know that Vancouver's liquor laws are much more strict than other places. I've heard from a few Vancouver residents that this isn't exactly enforced harshly, but just to note that it is an actual law. Piece of mind.
What's the legal drinking limit in Vancouver?
%.05. There will be a ton of pubcrawls and side events going on for people that are attending TI and I'm sure that you'll be blasted one night or another. Please don't drink and drive. If you need a cab, here are the numbers you can contact in order to grab a taxi from downtown. Yellow Cab: (604) 681-1111 Black Top Cab: (604) 731-1111 MacLure's Cabs: (604) 831-1111 Also, a note for people from outside of Vancouver: the cab drivers in this city are notorious for being hard to deal with at times. Broken debit machines, cash up front, not providing receipts. Use your common sense to get you through pushy cabbies. If they have a broken debit machine and they are still driving, kindly reject them and give your business to another cabbie that will. UbeLyft will be here soon and karma will bite them back. If at anytime you are in an emergency and don't know what to do, please DM me and I will provide my contact info.
This is not confirmed at the moment, but if the rules were anything like Seattle, you will be able to bring outside food into the arena. You are not permitted to bring liquids into the venue. You'll have to dump out your water bottle and refill it once inside. Rogers Arena might have different policies, but thankfully the venue has twice the amount of food stalls including a much more varied selection.
What's a secret you have from being a lifelong Canucks fan for eating in the area?
Everyone from Vancouver attending will hate me, but this is going to be one of the hottest tips I can give you: there is a Costco food court DIRECTLY across the street on the lower level of Rogers Arena that DOES NOT require a membership in order to buy food. It is the only Costco food court in Canada that doesn't need a membership to eat there. Hot dogs, poutine, pizza, soft drinks, ice cream and it's all lovingly Costco cheap. Enjoy!
What sort of credit card/tap options does Vancouver accept?
Visa/Mastercard are widely accepted everywhere. Cards such as American Express/Discover are also accepted most places, though a few places might reject them for whatever reason (higher charge rates, issues with their machines etc..) Best case would be to make sure you have a Visa/Mastercard with you at all times as a back-up in case you run into any issues. Most places in Vancouver also allow you to use Android/Apple Pay now as well. No bitcoin though.
How much money should I bring?
Well, that's entirely up to you. If you're staying the full week, a few hundred dollars in spare Canadian currency won't hurt you, especially if majority of your spending is going to be on plastic. There's going to be the Secret Shop, but that'll be done through online ordering and not cash payments. Just don't come with nothing. Worst case, always have at least $30-$40 cash on you just in case you run into a bind. It's really entirely up to you and how you plan on spending your time here. Do note that because of the low Canadian dollar, don't be surprised if the price of certain things is higher than usual.
Are there any huge cultural differences in Canada that I should know about?
Due to the amount of fires that have started in the Pacific North West the past month or so, please do not throw your cigarette/joint butts into the street, sidewalk, bushes or wherever that isn't a proper garbage. You'll get a ton of dirty looks by locals if you do otherwise. Canadians are known to be rather polite, we'll answer questions for you or guide you in the right direction (as long as we aren't in a huge rush). As long as you're respectful of the people around you, take care of your hygiene, don't spit on the ground, talk over people in conversation or just avoiding being a total dick, you'll be fine. Though Vancouver is a somewhat socially cold city, that's mainly in dating circles. Get some new Bumble photos up!
What's the tipping policy like in Vancouver?
Most places won't have the tip included in your bill. It's common courtesy to tip between %10-%15 of your final bill if you enjoyed your meal/drink/service. Feel free to go higher if you had a really excellent time. Some places do include the tip in the bill, but will have it noted usually at the bottom of the menu.
I'll be taking public transit while I'm here. Any tips?
A few. Remove your backpack when you're boarding a bus/SkyTrain in order to create more space for the people around you. Hygiene again is a big one. Remember to fill your Compass card and check your remaining balance at least once a day in case you're transiting a lot. If you see elderly/disabled/parents with strollers attempt to come on board, the polite thing to do would be to offer your seat etc..
My English isn't great and I need to ask a question, what should I do?
Don't worry at all! Vancouver is an extremely multicultural city and the residents here are used to hearing many different languages daily. Best bet is if you struggle communicating with anyone for any reason, download the Google Translate app and use it to answer questions you might have in a discussion.
I want to ask for a playetalents autograph and I'm standing right beside them. How should I ask?
Use common sense. Most players/talent would be more than willing to sign an autograph or pose for a photo with you. But also be aware that much of the on-screen talent (Slacks, Kaci, panel members) will often have to be running from segment to segment, taking in matches and so on. If they seem to have a minute, ask nicely, thank them for their time and cross one off of the bucket list.
I want to throw things at Slacks!
Don't throw things at Slacks.
Will there be an outdoor screen showing games?
No update on this. Rogers Arena is mainly a concrete concourse, surrounded by a viaduct and multiple lower roads. Unlike Seattle Center (which had multiple fields and smaller available venues), the only place large enough outside the Arena that could hold a large crowd with a big screen would most likely be the "main" entrance through Expo Blvd/Pat Quinn Way. There are a few other options in the area, but we're going to have to wait to see how creative Valve is with the space around the Arena. Perhaps they rent out the adjacent parking lots?
Will there be a beer garden?
No update on this also, but again, there's a lack of outdoor space beyond the concrete concourse. Sportsbar Live will be open, which also gives a view of inside the Arena while you're eating/drinking. But again, it's indoors.
Can I charge my phone inside of Rogers Arena?
From what I remember from Canucks games, yes, there are stations where you can plug your phone in to charge. But don't be surprised if a company like NVIDIA pops up a charging station outside much like in Seattle.
What is the capacity for Rogers Arena?
Where will I be able to see players? Will there be an open-area to ask for autographs?
One of the more obvious differences that most people will find from Key Arena to Rogers Arena, is that unlike Key Arena, Rogers doesn't have an open space concept between levels. Meaning, you won't be able to just look up to the third floor and see players hanging out like you normally would. This year, they most likely will be held in the boxes above or in the dressing rooms in the lower levels. Look for autograph times scheduled throughout the week to see your favorite players.
Is there anything being hosted at BC Place during TI?
The only thing right now is a Vancouver Whitecaps (MLS) game on August 18th and a BC Lions (CFL) on the 25th. So if you really feel inclined, now you know.
Where, how and when can we buy weed legally when we arrive in Vancouver?
When: On October 17th, weed will officially be legalized in British Columbia and most parts of Canada. How: Normally you need a medicinal prescription to purchase marijuana legally. Though, because of the soon to be legalization coming up in a few months, most dispensaries will most likely write you a prescription if you tell them a valid medical reason for the marijuana (Trouble sleeping, chronic joint pain, back pain, headaches, trouble eating etc.). My friends who smoke themselves told me that hot tip, so do with it what you will. Please DO NOT buy weed from a source that isn't verified by another trusted person or a licensed dispensary. You never know what your weed could be laced with. Where: Here are some dispensaries located close to Rogers Arena. Bloom Medical Dispensary The Dub Dispensary The Medical Cannibis Dispensary
Where can I smoke?
You can't smoke anywhere that frequents children, even if there aren't kids around. So no beaches, public parks, playgrounds etc.. So just, anywhere that's away from people that don't want to partake essentially.
Yo dude, thanks for that help, hit this shit real quick.
I wasn't able to buy any tickets. What should I do?
If you weren't able to buy tickets from Ticket Master, you have a few options. Post in the TI8 Vancouver Subreddit and ask if anyone has a spare ticket. Buying tickets from scalpers in front of Rogers Arena is fairly easy and shouldn't be difficult if you understand the basics of haggling.
Know what you're comfortable paying and stick to it. Always remember that number.
Be prepared to just walk away. The longer you stay negotiating, the more you show the scalper how important it is for you to buy the tickets. Play the long game.
The less you talk, the less information you give the scalper. If he says he's got a Midweek ticket for $300, shrug and say no thanks.
Have money in your hand/wallet when you're trying to buy tickets. When they see that the cash is right there, they'll be more inclined to just make the deal and move onto the next one.
You will most likely miss the opening ceremonies, but after that the prices for Midweek tickets will normalize and scalpers will want to just get rid of their tickets at a lesser price. The advantage you have in this instance is that Vancouver, outside of the LoL tournament at Pacific Colosseum, doesn't have much experience with esports tournaments. So scalpers themselves won't have the same level of patience. The longer you wait to buy your tickets from them, the cheaper you can get them for. Only downside is that you'll be missing games. The other thing you can do is literally just walk around the outside of the Arena and spot non-scalpers with extra tickets. There are always people who buy extra tickets and are just wanting to get their money back (friends flake on them, they couldn't flip them like they thought). DO NOT panic and end up buying an overpriced ticket from StubHub, Craigslist or wherever. Tickets will be available, you just have to keep your cool.
I'm picking up my tickets at the venue. Where do I go?
The box office at Rogers Arena is located at the bottom of the venue on Expo/Pat Quinn Way at the Toyota Ticket Center. You can pick up your tickets between these times: Mon, August 20th: 7AM - 9PM Tue, August 21th: 8AM - 9PM Wed, August 22nd: 8AM - 9PM Thu, August 23rd: 8AM - 9PM Fri, August 24th: 8AM - 9PM Not sure about the box office times for the Finals. Will update that when I know.
FIRST TIME ATTENDING TI
I'm coming to TI alone. What can I expect?
So first off, understand that EVERYONE there is going for the same reason you are, DOTA. Don't be afraid to go up to people, say hello and start conversations. If they shrug you off, fuck them, they don't deserve your brilliance. Enjoy yourself. Worst case, just create a thread on DOTA saying that you want to go shotgun a few beers. My first TI was pretty much by myself, but the combination of a beer + a garden really did wonders. Simply put, don't worry as much as your mind is telling you to worry. All the talent (casters/players) are incredibly friendly and are pretty much the same as us, just super stoked to be there. But do give them space if they're working or running around to the next thing.
What else do I need my Ticket/Badge for?
During TI, after every First Blood in a match, there are potential drops given to in arena attendee's who have registered their badge with their Steam ID. There will be a Steam Link kiosk/section OUTSIDE of Rogers Arena, so look out for it. You must have tapped into the Arena in order to be eligible for those drops. The link to register your badge to be eligible for these drops will be on the back of your badge when you receive it.
What sort of stuff should I be bringing with me on an average day?
Try to pack as lightly and efficiently as possible. My two main staples during the last two TI's were a water bottle (usually given out in a goody bag for midweek + finals ticket holders) and a portable battery pack for my phone. Also know that you might buy things from the Secret Shop, do some shopping downtown and the last thing you want to do is carry that stuff around with you all day. Though consider bringing a sweater for inside the Arena, as Rogers is a fairly cold one. HOT TIP Try checking with bell boys/concierge at any hotels if they can possibly check in some of your bags for you. I tried this at TI7 and was surprised how chill they were. I left them a $5 tip for taking my bags and was free for the rest of the day.
When should I go to the Secret Shop?
Avoid the Secret Shop on the first day or else you'll just spend the entire day waiting in line. Midweek the shop lines will be much more reasonable.
What else should I do in Vancouver beyond watching DOTA?
I have an emergency and I need help. Who do I call?
Depending on your situation, here are numbers for emergencies in British Columbia. Ambulance, fire, police: 911 Poison Control: Lower Mainland: 604-682-5050 Toll-free: 1-800-567-8911 Healthlink BC: 811 Deaf or Hearing Impaired: 711 Crisis Intervention & Suicide Prevention: Call 1-800-SUICIDE (1-800-784-2433) if you are considering suicide or are concerned about someone who may be. Mental health support: Call 310-6789 (no need to dial area code) for emotional support, information and resources specific to mental health.
Who's the guy with the statue outside the Arena?
That is Roger Neilson, former Vancouver Canucks head coach and the inventor of towel power. Please treat it nicely!
Where does Arteezy live? Where did he go to school? Where does he hang out?
How sweet of you to ask! That would be Lush by Snail Mail. Please, if you feel like you need to ask any questions, or there should be things added to this FAQ, post here or DM me. There are obviously some things that no one knows right now in regards to potential additions or subtractions from moving the event from Key Arena to Rogers. But I'll try my best to keep this thing updated if people bookmark it for future use. Enjoy planning your trip to TI!
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The higher the fee, the faster the transfer will be (i.e., your transfer will be handled by the miner, who prefers to take the higher fee transactions) As of writing this, Bitcoin’s transaction cost (fee) is around 1 USD. Is it possible to buy or send less than one Bitcoin? Bitcoin has 8 numbers after the decimal. The smallest amount is 0.00000001 Bitcoin and this unit of measurement is called one Satoshi. It is better not to send such a small amount because the transaction fee will be higher than the amount sent. Bitcoin use: Who accepts Bitcoin? What can I buy with Bitcoin? Today more and more business places and online stores are adopting Bitcoin as a valid payment method. Bitcoin’s daily use as money is still not as common as the traditional bank account, but with the help of companies such as Xapo and Bitpay, credit cards can be linked directly to Bitcoin wallets and are respected anywhere as a standard credit card. What affects the price of Bitcoin? As stated, Bitcoin is traded on an open free market. Its value is affected by supply and demand as in any normal market. According to past events, a direct connection can be discerned between instability and crisis around the world and the Bitcoin. For example, political events such as the Brexit (the UK voted to leave the European Union), the last US elections where president Trump was elected, cancellation of the largest Rupee bills in India – all of which have recently led to an increase in the Bitcoin’s value. Of course, an event such as recognition of Bitcoin as a legitimate way of payment (like in Japan) also increased Bitcoin’s value, whereas hacking of crypto exchanges, Bitcoin regulation, the postponement of the Bitcoin’s ETF caused panic and a rapid decline in value. So – we decided to publish an article with an appropriate answer to the ultimate question – should I buy Bitcoin? What is the Guinness record for the most expensive pizza? During the summer of 2010, when many had doubted the concept of Bitcoin, one of the early adopters named Laszlo Henitz tried very hard and succeeded in ordering pizza and paid for it with Bitcoin. In those days, Bitcoin was worth nothing (cents) and to order two family pizzas worth $ 30, Laszlo paid 10,000 Bitcoins! What was later considered as the first ever purchase in Bitcoin, became also the world’s most expensive pizza. 10,000 Bitcoins worth today is worth more than 25 million USD. Original article: https://cryptopotato.com/bitcoin-for-beginners/
We all know that Kin is a unique digital currency, that it has value and utility, and that the Kin Ecosystem, currently in development, is going to be big--very big. But let’s look back for a moment. In order to see the scope of what’s happening, and where we’re going, it might be useful to look back, at where we’ve been. Kin was started by the good folks at KIK Messenger. As Facebook and Google grew to gargantuan proportions, it became obvious to all that the old-school model of Advertisement Placement for monetization was becoming untenable for anyone other than the biggest and most entrenched of companies. Yes, the Facebooks and Googles of the world were doing fine with monetization via advertisements, and were busily scalping data from their users in a feeding frenzy to capitalize on the one asset they could sell… those users’ attention. While most users thought Facebook was designed to give the social media platform as the product, and that they themselves were the customers, the reality is far different. The truth is that the advertisers were the actual customers, and Facebook users were the actual product. Very much like the Matrix, isn’t it? We are fed a social media mental “pudding,” and in return we give Facebook hours and hours of our attention… which it then sells to the advertisers. Understandably, this realization came as a shock to those who were able to see and understand this revelation. Many users still do not grasp the reality of the situation, and are happily, mindlessly eating the pudding. Leaving aside the distasteful mental image this business model give us, it created a problem for up-and-coming, and smaller but established Social Media companies. The smaller SM operations were left in a bit of a financial quandary… advertisers were loathe to spend on smaller platforms, because the reach of the giant platforms was so large and all inclusive. The remainder were basically crumbs on the floor. From this basic problem… and the ensuing economic reality… came the idea for Kin. Monetization is a concept that no one really enjoys talking about. For most of us, we’ve come to accept that ads are a necessary evil that we pay attention to in order to receive content; at this point most of us simply grit our teeth and press on. No, I’m never ever going to buy that silly spray to cover up the smell of your poo, but go ahead, play the damned video ad… again. I digress. But what if there was a way to change the dynamic so that the SM platform user’s attention was no longer the product that got sold to monetize the operation? What if the user could sell his or her OWN attention, and be rewarded thusly? And what if there was a way to compensate developers and businesses who work in the ecosystem for this activity as well? What if the user actually became a rewarded participant in the engine that generated income? And was even able to generate income for themselves in the process? What if a system was designed to reward users, developers and investors, all at the same time? This is the basic premise of Kin. THE GENESIS of KIN In 2009, Kik Interactive was formed by a group of college students at the University of Waterloo, Canada, in order to create applications for mobile devices and smartphones. Soon thereafter, the Kik Messenger was launched. In it’s first fifteen days, Kik enrolled over one million users. Over the years, Kik has solidified itself as a strong niche player in the messaging app world. Initially, Kik monetized itself by placing advertisements, but realized over time that ad revenue might not be the best way to keep Kik in solvent. After several years of struggle, Kik embarked on an experiment and instituted a program called “Kik Points.” This program allowed Kik users to participate in a very basic and limited “earn and spend” program. The users would answer surveys, or watch videos, in order to “earn” Kik Points… which they could then spend on in-app programs like sticker packs or emojis. What the Kik folks saw was a very enthusiastic, large group of people working to earn, and then spend Kik Points, in a transactional rate and density that dwarfs that of every cryptocurrency, including Bitcoin. Kik then knew it was onto something. The team got to work, and after years of design, Kin was born. The Kin token was introduced into the crypto universe through an ICO (initial coin offering). The Basics of Kin Kin is the first cryptocurrency designed for mass-adoption and utility. It was engineered, specifically, to act as a currency to be used in millions of daily small and micro-transactions. In other words, it was a coin designed to be “spent” by the masses, not held by speculators. Kin is designed to reward people for using the coin. The Kin Rewards Engine (KRE) pays Kin to users and developers who contribute to the ecosystem. This does “inflate” the circulating supply of the coin, which in turn keeps the value of the individual coins in check, but in reality this is a core design component of Kin. Kin is designed to grow in value, but is designed to grow more slowly because of the extreme volatility witnessed in the growth of other coins. This kind of volatility would destroy Kin’s ability to be used as a true currency. The KRE serves two purposes, then; to reward those who boost the ecosystem thought their efforts, and to moderate the extreme peaks and valleys that have plagued cryptocurrency since the invention of Bitcoin. Bitcoin, for example, has morphed into a “store of wealth” rather than an actual usable currency. It is “deflationary” in nature; in other words, the scarcity of it is the sole driver of it’s value. The high cost of Bitcoin transactions, extreme value fluctuations and slow processing speed all hinder its use as a true currency. Additionally, why would someone spend Bitcoin when it may appreciate significantly in a short period of time? We all have heard the story about the two pizzas that were bought with 40,000 BTC… which would make those two pizzas worth over $300 million dollars today. And why would a merchant accept a currency that might lose a large percentage of it’s value very quickly? With a deflationary, speculative currency like Bitcoin, swings of plus or minus 30 to 50% within a few days are not uncommon. Kin, on the other hand, is designed to be used and spent by millions of users. It’s value will also grow significantly, but that growth will be relatively stable, with few of the huge peaks and valleys we’ve all seen in other cryptocurrencies. This is directly due to the large initial supply of Kin tokens (756 billion) the large maximum supply (10 trillion) and the design of the KRE. Most people with any crypto experience see that 10 trillion figure (the maximum circulating supply of Kin) to be a huge detriment at first blush. This is because they haven’t grasped the need for that many tokens. Looking at it from the perspective of other crypto, 10T coins is a ludicrous, astronomical number of coins. And with any other coin, it would bake no sense. But Kin is unique. It’s a true currency, not a store of wealth. It is designed to create value growth through usage, not through speculative buying, selling and holding. When Kin reaches mass adoption, the larger supply of coins will keep the price of the coin relatively stable while it grows in value, and will significantly reduce volatility. Notice that I did not say that the large supply will reduce appreciation; it won’t. That’s because while Kin is designed to be an inexpensive coin, and should never experience the volatility of Bitcoin, that doesn’t mean it won’t gain and accumulate value. It most definitely will. There are no limits to that appreciation, and those who buy Kin now, while the price is well below 1/100ths of a cent, will see significant return on their investment. That opportunity, as significant as it is, is not going to last much longer, and will not be available again. Kin is designed to go against the “normal” crypto path of pump and dump. It is not designed for arbitrage trading. Again, it is designed for utility, to be earned and spent, unlike most cryptocurrencies. Kin is designed to be an inflationary coin, not a deflationary coin. In that, I mean that Kin, through the KRE, injects liquidity into the ecosystem and does not appreciate solely due to its scarcity. The KRE rewards those who have significant positive effect on the ecosystem by awarding Kin to those entities or people. If you develop an app that captures people’s imaginations and is wildly successful (think PokemonGo), and you’re using Kin to monetize that app, that effect on the Kin Ecosystem will be greatly rewarded with equivalent Kin. By injecting this liquidity into the ecosystem, the KRE rewards those who make the ecosystem work. This also tends to have an inflationary effect that slows the growth of the coin into a manageable upward trajectory, versus a hyperbolic, exponential increase. Bitcoin, on the other hand, is deflationary… which means that no new BTC will be brought into the BTC system, and its value is based solely on that perceived scarcity. Since it has no mass adoption or real utility, and it’s value can rise and fall very quickly in large amounts. People buy Bitcoin for two reasons only today; speculation, and movement of fiat currencies into other cryptocurrencies. Speculation is the reason most people get into cryptocurrencies; with the advent of Kin, that will no longer be the case. Once Kin begins mass adoption, the majority of people in cryptocurrencies will be in Kin, and will be using, earning and spending Kin without buying the coin on an exchange. They will not be speculators, they will be users. Speculation has been the name of the crypto game in the past, of course, but that is about to change. Speculation on crypto will become the minority use case, not the majority. Bitcoin will always have a place, obviously, but can you buy groceries with it? Can you pay your electric bill? Can you go out to eat using Bitcoin? No. Bitcoin will always be the first cryptocurrency, but it is not a mass-adoptable currency with any single, strong use case in its current form. Kin was designed with Bitcoin’s failings in mind. The question comes up: Will Kin ever be a truly valuable coin, even with a ten trillion coin supply? The answer is an emphatic YES, it will. It will never be a short-term investment; there will be no 10x tomorrow, or 100x next week. But for the patient, the growth is coming. For the long term HODLer, the rewards will be significant indeed. Let me explain why the Kin Foundation, in designing Kin, chose to make the circulating supply 10 trillion Kin tokens. Why are there 10 Trillion Kin? To be a true currency with mass adoption, used by millions of people, there needs to be a large amount of Kin available. Otherwise, in very short order, people would be using Kin in decimals. It was decided that people would rather earn and spend multiples of Kin (i.e., 1000 Kin or 500 Kin) versus decimals of Kin (i.e., 0.0001 Kin or 0.0005 Kin), as is now necessary with Bitcoin, Ethereum and many others. Note that Kin can also be used in decimal divisions, so that in the future, the value of Kin will never be limited by an inability to be used by the decimal. In order to tamp down the extremely volatile nature of many cryptocurrencies, a larger circulating and available supply is necessary. A balance was found at 10T where the supply is large enough to meet the needs of the millions of users, but was small enough to not interfere with the growth of value in the coin. The Kin Rewards Engine (KRE) is key to this balance. By injecting Kin liquidity into the ecosystem, it rewards those who enable and grow the system, but it also minimizes volatility and keeps value growth down to a sustainable, non-hyperbolic/non-exponential growth curve. In this, it both creates opportunity and eases fears of volatility, for users, developers and merchants alike. There are currently 756 billion Kin tokens in circulation; most of the remainder are held by the Kin Foundation for their own use, and for rewarding those who enable the ecosystem via the KRE. The KRE is schedule to begin operation in Q3 2018. As the value of Kin appreciates, the number of Kin injected via the KRE will change, though the total value will not. For this reason, the KRE stands to be in operation, injecting liquidity, rewarding innovation and ecosystem enhancement and controlling volatility for many, many years to come. In the end, 10 trillion coins will not be enough to satisfy the long term needs and desires of the masses. If 50 million people are using Kin, this works out to only 200,000 Kin available per user. Most early adoptecapitalists in the ecosystem hold many, many more than that. This eventual scarcity will drive the value of Kin up significantly; I won’t prognosticate how high. There is, however, no limiting factor. I am very bullish at this prospect… because of the last item, number 5. Metcalfe's Law shows the correlation between the usage of a telecommunications system, the size of it’s network, and its value. As the number of users grow, this law shows us that there is a direct correlation between the supply, the number of transactions per day, and the approximate value of that coin. This law follows closely the movement of Bitcoin, Ethereum and other cryptocurrency systems, and shows that Kin will benefit from mass adoption and millions of daily transactions from tens or hundreds of millions of users. Without a large supply, this would not be possible. The design of Kin requires 10 Trillion coins to be available to execute the plan. And the plan is to allow users, developers and investors to all reap the benefits of a vibrant and growing ecosystem. When there are hundreds of millions of users in the ecosystem, the value of Kin will be greater than most people can imagine. It’s an exciting time, to be sure! So we’ve looked at why the circulating supply is important, and why it’s different from other currencies. Let’s look at the center of why this works, the KRE. The Kin Rewards Engine: How it will disrupt Social Media monetization How often do you log onto YouTube, or Facebook, or any other Social Media site, and click on a video you’d like to see? Before the video starts, though, you are forced to watch an advertisement… maybe it’s something you want to know more about, but more often than not, it isn’t. What if someone was reading your chat messages and saw you were talking about buying new running shoes, and there’s the ad for that, placed right in your face. Currently, the harvesting of your personal and private conversations is real and ongoing… putting that aside (and that’s a wholly different problem that Kin solves), someone is making money by scraping your personal data off of private communications and browsing histories, creating ads that target your interests, and then forcing you to watch those advertisements. A bot is reading your data, intuiting your thoughts, and someone profiting off of you. George Orwell’s “1984” called this person “Big Brother.” The KRE puts an end to this exploitative monetization model. The advertiser compensates you directly for viewing that advertisement, or answering that ad, or for playing that game. You can then spend your Kin on spend opportunities like branded Gift Cards from hundreds of big named merchants like Amazon, McDonalds, and Best Buy, or the user can take their Kin to an exchange and sell it for the fiat currency of their choice, US Dollars, Euros, GBP or Yen. You can use your Kin to buy music, to view curated content, or to tip a content provider. Paywalls for online journalism will become a thing of the past. The KRE will reward the developer or person or company who placed the ad and contributed to the ecosystem. The user is allowed to contribute financially to content they value; instead of having their personal information sold to an advertiser. The user also can benefit financially for their own intellectual efforts and content creation. Businesses and developers will be able to easily move their Kin to exchanges to trade for fiat currency; this enables them to pay bills and salaries, and reinvest in other parts of their business. This also creates liquidity for exchange trading, which is an important part of the Kin Ecosystem. In this way, the KRE will rewards users, developers and investors who participate by adding value to the ecosystem. It will be an “open” ecosystem, allowing people to choose their use of Kin, whether it be purchases within apps, soft monetization via giftcards, or hard monetization via exchange trading for fiat currency. It may also become an option for game fans, hobby coders and enthusiasts to produce a living income via Kin. Why are there two types of Kin? Initially, Kin was designed to exist on a single blockchain infrastructure, the Ethereum Blockchain. Kin’s ICO was performed on the ETH Blockchain, and all Kin currently available to buy on exchanges are ERC20 tokens, built around Ethereum. Last year, Ethereum experienced significant delays in transaction times because of a game that had been built on the platform, called “CryptoKitties.” This game became very popular very quickly with Crypto fans, and in their exuberance, their usage crashed the Ethereum platform. The Kin Foundation realized that Ethereum, in its current form, was neither fast enough, nor robust enough to support the millions of users of Kin. Something had to be done. The Foundation decided to seek another blockchain for Kin. Something faster, stronger, and secure enough for the millions of users of Kin to have near instantaneous, secure transactions, no matter what. A couple of solutions were found: The Stellar Lumens blockchain (XLM) was chosen because of it’s transaction speed, utility and robust nature, and the Orbs blockchain, which can stand as a replacement if there is a problem with Stellar down the road. But what about exchanges? Kin on Ethereum can expect to be on many exchanges, and that access to liquidity that is essential to the success of the project. Kin on Lumens or on Orbs wouldn’t have widespread access to exchanges. This was a dilemma, The solution was to create the first ever two-blockchain cryptocurrency. All Kin bought and sold on exchanges is on the Ethereum blockchain. Kin to be used in the KRE, the Kik app and the Kinit app, and in the remainder of the Kin Ecosystem, will be based on the Stellar Lumens blockchain. The two types of Kin will be functionally identical in value, and freely interchangeable between the two blockchains. Basically, users will earn and spend Kin (XLM) in the Kin Ecosytem, due to Stellar’s robust design and fast transaction speed, but when they wish to move their Kin to an exchange, their Kin (XLM) will be exchanged for Kin (ETH) on a 1 for 1 basis prior to moving the Kin to the exchange of their choice for trading purposes. In this way, the needs of all Kin users will be met. And should Stellar be someday unable to meet the demands of mass adoption, the Orbs Blockchain, and others, are available for later development. In any event, this dichotomy of Kin will be mostly transparent to the user, and will not impact the value or the utility of the currency. The Kin Foundation has developed this dual-blockchain technology so that Kin can become the first mass-adopted, widely used cryptocurrency in the world. So, how much will Kin be worth? This is a big question. Many naysayers don’t believe Kin will appreciate significantly because of the large supply. This is based on their past experiences with Cryptos that don’t have utility and are simply speculative in nature. That’s not the case with Kin. To be completely honest, no one knows how much appreciation Kin will experience, or when it will reach a certain value. Here’s what we do know: Kin is positioned to be the first mass-adoption cryptocurrency in the world. Today, less than six million people worldwide own or use and cryptocurrency… this is an astonishingly low number. Kik, the messaging app behind Kin, has over 300 million registered users. Kin will be introduced first on the Kik app; Kik app users will have their first opportunities to earn and spend Kin before the end of 2018. So basically, once Kin is introduced on the Kik app later this year, the number of people using cryptocurrency worldwide will multiply many times. In one day. Kik will introduce crypto to tens of millions of users by the end of the year. As mentioned before, Metcalfe’s Law shows the relationship between a cryptocurrency value and the usage or transactions conducted by that coin, and the circulating supply. With current supply at 756 billion, and assuming transaction numbers in the 10 million per day range, Kin should be trading at around $0.01 per coin. Remember, however, that the KRE will be raising the circulating supply, and it may take some time to get to 10 million transactions per day. The value of Kin hinges on these numbers. In this, the beginning of the ecosystem, there is no foolproof way to estimate the value of Kin on any certain day. That said, there is no limit to the value of the coin, over time. None. Not circulating supply, or market capitalization, or anything else. No limit. In a decade, after the ecosystem has matured and is operating solidly, Kin could be worth…. Well, you fill in your own numbers. I have my opinions, and they are not limited by the number of coins, the market cap or anything else designed into the coin. For me, it all hinges on mass adoption and usage. Partnerships Kin has inked a number of partnerships that are exciting and will stand the ecosystem well into the future. Two recently announced partnerships are UNITY and BLACKHAWK NETWORK. UNITY Unity is the ultimate game development platform. It brings together developers and technical assets in ways that allow the creation of some of the world’s most popular digital games. There were 5 billion downloads of games made with Unity in Q3 2016 alone. Today, games that were made with Unity exist on 2.5 billion unique mobile devices. App and game developers will be able to insert Kin’s “5 minute SDK” (Software development kit) into the code of their app or game, and be monetizing their efforts with Kin in minutes. This “plug and play” approach makes the Kin Ecosystem and its rewards accessible to almost every developer, without the expense, time and research of developing a cryptocurrency. It truly is bringing cryptocurrency to the masses. Simply plug the “5 minute SDK” into your code, launch/update it, and within minutes, you’re creating revenue. Your users will also have earn/spend opportunities, and your game/app usage will grow dramatically. No more sharing your revenue with the Apple App Store, or with Google Play Store. This is a huge increase in revenue for developers. BLACKHAWK Blackhawk Networks is the leading gift card supplier. Simply put, if you’ve ever used a gift card, it most probably came from Blackhawk Networks; that’s how deep their market goes. Over 250 different branded gift cards will be available for developers to choose from for their users to select, based on their personal knowledge of the demographic. Is your app a traffic or mapping app? Perhaps your users would appreciate being able to earn Kin to buy a Dunkin Donuts cash card. Because, coffee. Is your app a fitness app? Perhaps a Nike gift card is more appropriate. Is it a game geared towards younger users? There’s always McDonalds. A dating app? How about a card for flower delivery? You can see that the options are endless. And don’t forget, the user AND the developer can choose to move their kin to other apps for other options, or to large cryptocurrency exchanges, where they can exchange their Kin for dollars, euros, etc. In this way, the ecosystem is enhanced, the cycle begins again, and the KRE continues to reward. Big Investors One of the things that first got me excited about Kin was learning that Kik and Kin were heavily invested in by Tencent, the Chinese behemoth company behind WeChat. I travel extensively to China for my day job, and it was an incredible realization to see that most Chinese don’t carry paper currency anymore. Hundreds of millions of Chinese use WeChat every day to purchase everyday things like food, movies, clothing and the like. WeChat connects to the user’s bank account, and instantaneously debits the accounts when the user makes a purchase. Many retail outlets and vending machines in China no longer accept credit cards, and fiat purchases are dwindling in number. Tencent’s interest in Kin is significant. Imagine Kik, using Kin, evolving into something similar… with hundreds of millions of people using Kin to conduct a significant amount of the economic transactions in their daily life! The adoption and utility numbers are mind boggling. Additionally, there are a number of heavy hitters in the Crypto space investment community. Union Square Ventures (USV) is an investment fund that has bet heavily on Kik, and thereby, on Kin. Other investments from USV include CoinBase, Koko, DuckDuckGo, CodeAcademy, DuoLingo, Wattpad, SoundCloud, Foresquare, Kickstarter, Meetup, Etsy, Disqus, Tumblr, Twitter and Zynga. As you can see, Kin is extremely well positioned, and the monetization opportunity Kin represents for these companies is being explored. Wrapping it all up in a big red bow… The TL;DR version is this: Kin is poised to become the most used cryptocurrency in existence in 2018. As the KRE comes online, Kin is introduced to the Kik Community, the discrete Kin app (Kinit App) is released, the 5-minute SDK is finalized, more partnerships come online, more and major exchanges offer Kin trading, and word spreads, expect the value of Kin to begin growing significantly. Kin currently sits near the bottom of the top 100 cryptocurrencies in terms of market capitalization, but the expectation is that Kin will rise towards the top of the top 100 in short order. As the value increases, so does market cap. Don’t make the mistake of thinking market capitalization limits the growth of Kin in any way; it will be the usage and mass adoption that will grow the value. As the crypto market recovers from the last few months, look for Kin to accelerate its growth as more partnerships and exchanges are announced. Once the KRE begins operations, the value of Kin will grow more quickly. I do not expect Kin ever be worth less than it is right now. The future for Kin is extremely bright. The Kin Foundation has much work left to do, but they are up to the task. Stay informed, and make sure your portfolio has Kin in it!
World History Timeline of Events Leading up to Bitcoin - In the Making
A (live/editable) timeline of historical events directly or indirectly related to the creation of Bitcoin and Cryptocurrencies *still workin' on this so check back later and more will be added, if you have any suggested dates/events feel free to lemme know... This timeline includes dates pertaining to:
Forms of money
Widely accepted economic systems
Widely accepted forms of government
Inventions which advanced FinTech
Inventions in computer science and related technology
Inventions which connected the world via transportation, communication and information
Development of cryptography and cyberwar
Notable Social Movements
Hyperinflation and National Debts
Ancient Bartering – first recorded in Egypt (resources, services...) – doesn’t scale Tally sticks were used, making notches in bones or wood, as a form of money of account 9000-6000 BC Livestock considered the first form of currency c3200 BC Clay tablets used in Uruk (Iraq) for accounting (believed to be the earliest form of writing) 3000 BC Grain is used as a currency, measured out in Shekels 3000 BC Banking developed in Mesopotamia 3000 BC? Punches used to stamp symbols on coins were a precursor to the printing press and modern coins ? BC Since ancient Persia and all the way up until the invention and expansion of the telegraph Homing Pigeons were used to carry messages 2000 BC Merchants in Assyria, India and Sumeria lent grain to farmers and traders as a precursor to banks 1700 BC In Babylon at the time of Hammurabi, in the 18th century BC, there are records of loans made by the priests of the temple. 1200 BC Shell money first used in China 1000-600 BC Crude metal coins first appear in China 640 BC Precious metal coins – Gold & Silver first used in ancient Lydia and coastal Greek cities featuring face to face heads of a bull and a lion – first official minted currency made from electrum, a mixture of gold and silver 600-500 BC Atbash Cipher A substitution Cipher used by ancient Hebrew scholars mapping the alphabet in reverse, for example, in English an A would be a Z, B a Y etc. 400 BC Skytale used by Sparta 474 BC Hundreds of gold coins from this era were discovered in Rome in 2018 350 BC Greek hydraulic semaphore system, an optical communication system developed by Aeneas Tacticus. c200 BC Polybius Square ??? Wealthy stored coins in temples, where priests also lent them out ??? Rome was the first to create banking institutions apart from temples 118 BC First banknote in the form of 1 foot sq pieces of white deerskin 100-1 AD Caesar Cipher 193 Aureus, a gold coin of ancient Rome, minted by Septimius Severus 324 Solidus, pure gold coin, minted under Constantine’s rule, lasted until the late 8th century 600s Paper currency first developed in Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song Dynasty, 960–1279 c757–796 Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa 806 First paper banknotes used in China but isn’t widely accepted in China until 960 1024 The first series of standard government notes were issued in 1024 with denominations like 1 guàn (貫, or 700 wén), 1 mín (緡, or 1000 wén), up to 10 guàn. In 1039 only banknotes of 5 guàn and 10 guàn were issued, and in 1068 a denomination of 1 guàn was introduced which became forty percent of all circulating Jiaozi banknotes. 1040 The first movable type printer was invented in China and made of porcelain ? Some of the earliest forms of long distance communication were drums used by Native Africans and smoke signals used by Native Americans and Chinese 1088 Movable type in Song Dynasty China 1120 By the 1120s the central government officially stepped in and produced their own state-issued paper money (using woodblock printing) 1150 The Knights Templar issued bank notes to pilgrims. Pilgrims deposited their valuables with a local Templar preceptory before embarking, received a document indicating the value of their deposit, then used that document upon arrival in the Holy Land to retrieve their funds in an amount of treasure of equal value. 1200s-1300s During the 13th century bankers from north Italy, collectively known as Lombards, gradually replace the Jews in their traditional role as money-lenders to the rich and powerful. – Florence, Venice and Genoa - The Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe 1200 By the time Marco Polo visited China they’d move from coins to paper money, who introduced the concept to Europe. An inscription warned, "All counterfeiters will be decapitated." Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were often left with a trustworthy person, and the merchant was given a slip of paper recording how much money they had with that person. Marco Polo's account of paper money during the Yuan Dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country." 1252 Florin minted in Florence, becomes the hard currency of its day helping Florence thrive economically 1340 Double-entry bookkeeping - The clerk keeping the accounts for the Genoese firm of Massari painstakingly fills in the ledger for the year 1340. 1397 Medici Bank established 1450 Johannes Gutenberg builds the printing press – printed words no longer just for the rich 1455 Paper money disappears from China 1466 Polyalphabetic Cipher 1466 Rotating cipher disks – Vatican – greatest crypto invention in 1000 yrs – the first system to challenge frequency analysis 1466 First known mechanical cipher machine 1472 The oldest bank still in existence founded, Banca Monte dei Paschi di Siena, headquartered in Siena, Italy 1494 Double-entry bookkeeping system codified by Luca Pacioli 1535 Wampum, a form of currency used by Native Americans, a string of beads made from clamshells, is first document. 1553 Vigenere Cipher 1557 Phillip II of Spain managed to burden his kingdom with so much debt (as the result of several pointless wars) that he caused the world's first national bankruptcy — as well as the world's second, third and fourth, in rapid succession. 1577 Newspaper in Korea 1586 The Babington Plot 1590 Cabinet Noir was established in France. Its mission was to open, read and reseal letters, and great expertise was developed in the restoration of broken seals. In the knowledge that mail was being opened, correspondents began to develop systems to encrypt and decrypt their letters. The breaking of these codes gave birth to modern systematic scientific code breaking. 1600s Promissory banknotes began in London 1600s By the early 17th century banking begins also to exist in its modern sense - as a commercial service for customers rather than kings. – Late 17th century we see cheques slowly gains acceptance The total of the money left on deposit by a bank's customers is a large sum, only a fraction of which is usually required for withdrawals. A proportion of the rest can be lent out at interest, bringing profit to the bank. When the customers later come to realize this hidden value of their unused funds, the bank's profit becomes the difference between the rates of interest paid to depositors and demanded from debtors. The transformation from moneylenders into private banks is a gradual one during the 17th and 18th centuries. In England it is achieved by various families of goldsmiths who early in the period accept money on deposit purely for safe-keeping. Then they begin to lend some of it out. Finally, by the 18th century, they make banking their business in place of their original craft as goldsmiths. 1605 Newspaper in Straussburg c1627 Great Cipher 1637 Wampum is declared as legal tender in the U.S. (where we got the slang word “clams” for money) 1656 Johan Palmstruch establishes the Stockholm Banco 1661 Paper Currency reappears in Europe, soon became common - The goldsmith-bankers of London began to give out the receipts as payable to the bearer of the document rather than the original depositor 1661 Palmstruch issues credit notes which can be exchanged, on presentation to his bank, for a stated number of silver coins 1666 Stockholms Banco, the predecessor to the Central Bank of Sweden issues the first paper money in Europe. Soon went bankrupt for printing too much money. 1667 He issues more notes than his bank can afford to redeem with silver and winds up in disgrace, facing a death penalty (commuted to imprisonment) for fraud. 1668 Bank of Sweden – today the 2nd oldest surviving bank 1694 First Central Bank established in the UK was the first bank to initiate the permanent issue of banknotes Served as model for most modern central banks. The modern banknote rests on the assumption that money is determined by a social and legal consensus. A gold coin's value is simply a reflection of the supply and demand mechanism of a society exchanging goods in a free market, as opposed to stemming from any intrinsic property of the metal. By the late 17th century, this new conceptual outlook helped to stimulate the issue of banknotes. 1700s Throughout the commercially energetic 18th century there are frequent further experiments with bank notes - deriving from a recognized need to expand the currency supply beyond the availability of precious metals. 1710 Physiocracy 1712 First commercial steam engine 1717 Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silver and gold that had the effect of driving silver out of circulation (bimetalism) and putting Britain on a gold standard. 1735 Classical Economics – markets regulate themselves when free of intervention 1744 Mayer Amschel Rothschild, Founder of the Rothschild Banking Empire, is Born in Frankfurt, Germany Mayer Amschel Rothschild extended his banking empire across Europe by carefully placing his five sons in key positions. They set up banks in Frankfurt, Vienna, London, Naples, and Paris. By the mid 1800’s they dominated the banking industry, lending to governments around the world and people such as the Vanderbilts, Carnegies, and Cecil Rhodes. 1745 There was a gradual move toward the issuance of fixed denomination notes in England standardized printed notes ranging from £20 to £1,000 were being printed. 1748 First recorded use of the word buck for a dollar, stemming from the Colonial period in America when buck skins were commonly traded 1757 Colonial Scrip Issued in US 1760s Mayer Amschel Rothschild establishes his banking business 1769 First steam powered car 1775-1938 US Diplomatic Codes & Ciphers by Ralph E Weber used – problems were security and distribution 1776 American Independence 1776 Adam Smith’s Invisible Hand theory helped bankers and money-lenders limit government interference in the banking sector 1781 The Bank of North America was a private bank first adopted created the US Nation's first de facto central bank. When shares in the bank were sold to the public, the Bank of North America became the country's first initial public offering. It lasted less than ten years. 1783 First steamboat 1791 Congress Creates the First US Bank – A Private Company, Partly Owned by Foreigners – to Handle the Financial Needs of the New Central Government. First Bank of the United States, a National bank, chartered for a term of twenty years, it was not renewed in 1811. Previously, the 13 states had their own banks, currencies and financial institutions, which had an average lifespan of about 5 years. 1792 First optical telegraph invented where towers with telescopes were dispersed across France 12-25 km apart, relaying signals according to positions of arms extended from the top of the towers. 1795 Thomas Jefferson invents the Jefferson Disk Cipher or Wheel Cipher 1797 to 1821 Restriction Period by England of trading banknotes for silver during Napoleonic Wars 1797 Currency Crisis Although the Bank was originally a private institution, by the end of the 18th century it was increasingly being regarded as a public authority with civic responsibility toward the upkeep of a healthy financial system. 1799 First paper machine 1800 Banque de France – France’s central bank opens to try to improve financing of the war 1800 Invention of the battery 1801 Rotchschild Dynasty begins in Frankfurt, Holy Roman Empire – established international banking family through his 5 sons who established themselves in London, Paris, Frankfurt, Vienna, and Naples 1804 Steam locomotive 1807 Internal combustion engine and automobile 1807 Robert Fulton expands water transportation and trade with the workable steamboat. 1809 Telegraphy 1811 First powered printing press, also first to use a cylinder 1816 The Privately Owned Second Bank of the US was Chartered – It Served as the Main Depository for Government Revenue, Making it a Highly Profitable Bank – charter not renewed in 1836 1816 The first working telegraph was built using static electricity 1816 Gold becomes the official standard of value in England 1820 Industrial Revolution c1820 Neoclassical Economics 1821 British gov introduces the gold standard - With governments issuing the bank notes, the inherent danger is no longer bankruptcy but inflation. 1822 Charles Babbage, considered the "father of the computer", begins building the first programmable mechanical computer. 1832 Andrew Jackson Campaigns Against the 2nd Bank of the US and Vetoes Bank Charter Renewal Andrew Jackson was skeptical of the central banking system and believed it gave too few men too much power and caused inflation. He was also a proponent of gold and silver and an outspoken opponent of the 2nd National Bank. The Charter expired in 1836. 1833 President Jackson Issues Executive Order to Stop Depositing Government Funds Into Bank of US By September 1833, government funds were being deposited into state chartered banks. 1833-1837 Manufactured “boom” created by central bankers – money supply Increases 84%, Spurred by the 2nd Bank of the US The total money supply rose from $150 million to $267 million 1835 Jackson Escapes Assassination. Assassin misfired twice. 1837-1862 The “Free Banking Era” there was no formal central bank in the US, and banks issued their own notes again 1838 First Telegram sent using Morse Code across 3 km, in 1844 he sent a message across 71 km from Washington DC to Baltimore. 1843 Ada Lovelace published the first algorithm for computing 1844 Modern central bank of England established - meaning only the central bank of England could issue banknotes – prior to that commercial banks could issue their own and were the primary form of currency throughout England the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt. 1848 Communist Manifesto 1850 The first undersea telegraphic communications cable connected France in England after latex produced from the sap of the Palaquium gutta tree in 1845 was proposed as insulation for the underwater cables. 1852 Many countries in Europe build telegram networks, however post remained the primary means of communication to distant countries. 1855 In England fully printed notes that did not require the name of the payee and the cashier's signature first appeared 1855 The printing telegraph made it possible for a machine with 26 alphabetic keys to print the messages automatically and was soon adopted worldwide. 1856 Belgian engineer Charles Bourseul proposed telephony 1856 The Atlantic Telegraph company was formed in London to stretch a commercial telegraph cable across the Atlantic Ocean, completed in 1866. 1860 The Pony Express was founded, able to deliver mail of wealthy individuals or government officials from coast to coast in 10 days. 1861 The East coast was connected to the West when Western Union completed the transcontinental telegraph line, putting an end to unprofitable The Pony Express. 1862-1863 First US banknotes - Lincoln Over Rules Debt-Based Money and Issues Greenbacks to Fund Civil War Bankers would only lend the government money under certain conditions and at high interest rates, so Lincoln issued his own currency – “greenbacks” – through the US Treasury, and made them legal tender. His soldiers went on to win the war, followed by great economic expansion. 1863 to 1932 “National Banking Era” Commercial banks in the United States had legally issued banknotes before there was a national currency; however, these became subject to government authorization from 1863 to 1932 1864 Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied) in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, France, the Netherlands, England, Austria, and other nations 1870 Long-distance telegraph lines connected Britain and India. c1871 Marginalism - The doctrines of marginalism and the Marginal Revolution are often interpreted as a response to the rise of the worker's movement, Marxian economics and the earlier (Ricardian) socialist theories of the exploitation of labour. 1871 Carl Menger’s Principles of Economics – Austrian School 1872 Marx’s Das Capital 1872 Australia becomes the first nation to be connected to the rest of the world via submarine telegraph cables. 1876 Alexander Graham Bell patented the telephone, first called the electric speech machine – revolutionized communication 1877 Thomas Edison – Phonograph 1878 Western Union, the leading telegraph provider of the U.S., begins to lose out to the telephone technology of the National Bell Telephone Company. 1881 President James Garfield, Staunch Proponent of “Honest Money” Backed by Gold and Silver, was Assassinated Garfield opposed fiat currency (money that was not backed by any physical object). He had the second shortest Presidency in history. 1882 First description of the one-time pad 1886 First gas powered car 1888 Ballpoint pen 1892 Cinematograph 1895 System of wireless communication using radio waves 1896 First successful intercontinental telegram 1898 Polyethylene 1899 Nickel-cadmium battery 1907 Banking Panic of 1907 The New York Stock Exchange dropped dramatically as everyone tried to get their money out of the banks at the same time across the nation. This banking panic spurred debate for banking reform. JP Morgan and others gathered to create an image of concern and stability in the face of the panic, which eventually led to the formation of the Federal Reserve. The founders of the Federal Reserve pretended like the bankers were opposed to the idea of its formation in order to mislead the public into believing that the Federal Reserve would help to regulate bankers when in fact it really gave even more power to private bankers, but in a less transparent way. 1908 St Mary’s Bank – first credit union in US 1908 JP Morgan Associate and Rockefeller Relative Nelson Aldrich Heads New National Monetary Commission Senate Republican leader, Nelson Aldrich, heads the new National Monetary Commission that was created to study the cause of the banking panic. Aldrich had close ties with J.P. Morgan and his daughter married John D. Rockefeller. 1910 Bankers Meet Secretly on Jekyll Island to Draft Federal Reserve Banking Legislation Over the course of a week, some of the nation’s most powerful bankers met secretly off the coast of Georgia, drafting a proposal for a private Central Banking system. 1913 Federal Reserve Act Passed Two days before Christmas, while many members of Congress were away on vacation, the Federal Reserve Act was passed, creating the Central banking system we have today, originally with gold backed Federal Reserve Notes. It was based on the Aldrich plan drafted on Jekyll Island and gave private bankers supreme authority over the economy. They are now able to create money out of nothing (and loan it out at interest), make decisions without government approval, and control the amount of money in circulation. 1913 Income tax established -16th Amendment Ratified Taxes ensured that citizens would cover the payment of debt due to the Central Bank, the Federal Reserve, which was also created in 1913.The 16th Amendment stated: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” 1914 November, Federal Reserve Banks Open JP Morgan and Co. Profits from Financing both sides of War and Purchasing Weapons J.P. Morgan and Co. made a deal with the Bank of England to give them a monopoly on underwriting war bonds for the UK and France. They also invested in the suppliers of war equipment to Britain and France. 1914 WWI 1917 Teletype cipher 1917 The one-time pad 1917 Zimmerman Telegram intercepted and decoded by Room 40, the cryptanalysis department of the British Military during WWI. 1918 GB returns to gold standard post-war but it didn’t work out 1919 First rotor machine, an electro-mechanical stream ciphering and decrypting machine. 1919 Founding of The Cipher Bureau, Poland’s intelligence and cryptography agency. 1919-1929 The Black Chamber, a forerunner of the NSA, was the first U.S. cryptanalytic organization. Worked with the telegraph company Western Union to illegally acquire foreign communications of foreign embassies and representatives. It was shut down in 1929 as funding was removed after it was deemed unethical to intercept private domestic radio signals. 1920s Department stores, hotel chains and service staions begin offering customers charge cards 1921-1929 The “Roaring 20’s” – The Federal Reserve Floods the Economy with Cash and Credit From 1921 to 1929 the Federal Reserve increased the money supply by $28 billion, almost a 62% increase over an eight-year period. This artificially created another “boom”. 1927 Quartz clock 1928 First experimental Television broadcast in the US. 1929 Federal Reserve Contracts the Money Supply In 1929, the Federal Reserve began to pull money out of circulation as loans were paid back. They created a “bust” which was inevitable after issuing so much credit in the years before. The Federal Reserve’s actions triggered the banking crisis, which led to the Great Depression. 1929 October 24, “Black Thursday”, Stock Market Crash The most devastating stock market crash in history. Billions of dollars in value were consolidated into the private banker’s hands at the expense of everyone else. 1930s The Great Depression marked the end of the gold standard 1931 German Enigma machines attained and reconstructed. 1932 Turbo jet engine patented 1933 SEC founded - passed the Glass–Steagall Act, which separated investment banking and commercial banking. This was to avoid more risky investment banking activities from ever again causing commercial bank failures. 1933 FM Radio 1933 Germany begins Telex, a network of teleprinters sending and receiving text based messages. Post WWII Telex networks began to spread around the world. 1936 Austrian engineer Paul Eisler invented Printed circuit board 1936 Beginning of the Keynesian Revolution 1937 Typex, British encryption machines which were upgraded versions of Enigma machines. 1906 Teletypewriters 1927 Founding of highly secret and unofficial Signal Intelligence Service, SIS, the U.S. Army’s codebreaking division. 1937 Made illegal for Americans to own gold 1938 Z1 built by Konrad Zuse is the first freely programmable computer in the world. 1939 WWII – decline of the gold standard which greatly restricted policy making 1939-45 Codetalkers - The Navajo code is the only spoken military code never to have been deciphered - "Were it not for the Navajos, the Marines would never have taken Iwo Jima."—Howard Connor 1940 Modems 1942 Deciphering Japanese coded messages leads to a turning point victory for the U.S. in WWII. 1943 At Bletchley Park, Alan Turing and team build a specialized cipher-breaking machine called Heath Robinson. 1943 Colossus computer built in London to crack the German Lorenz cipher. 1944 Bretton Woods – convenient after the US had most of the gold 1945 Manhattan Project – Atom Bomb 1945 Transatlantic telephone cable 1945 Claude E. Shannon published "A mathematical theory of cryptography", commonly accepted as the starting point for development of modern cryptography. C1946 Crypto Wars begin and last to this day 1946 Charg-it card created by John C Biggins 1948 Atomic clock 1948 Claude Shannon writes a paper that establishes the mathematical basis of information theory 1949 Info theorist Claude Shannon asks “What does an ideal cipher look like?” – one time pad – what if the keys are not truly random 1950 First credit card released by the Diners Club, able to be used in 20 restaurants in NYC 1951 NSA, National Security Agency founded and creates the KL-7, an off-line rotor encryption machine 1952 First thermonuclear weapon 1953 First videotape recorder 1953 Term “Hash” first used meaning to “chop” or “make a mess” out of something 1954 Atomic Energy Act (no mention of crypto) 1957 The NSA begins producing ROMOLUS encryption machines, soon to be used by NATO 1957 First PC – IBM 1957 First Satellite – Sputnik 1 1958 Western Union begins building a nationwide Telex network in the U.S. 1960s Machine readable codes were added to the bottom of cheques in MICR format, which speeded up the clearing and sorting process 1960s Financial organizations were beginning to require strong commercial encryption on the rapidly growing field of wired money transfer. 1961 Electronic clock 1963 June 4, Kennedy Issued an Executive Order (11110) that Authorized the US Treasury to Issue Silver Certificates, Threatening the Federal Reserve’s Monopoly on Money This government issued currency would bypass the governments need to borrow from bankers at interest. 1963 Electronic calculator 1963 Nov. 22, Kennedy Assassinated 1963 Johnson Reverses Kennedy’s Banking Rule and Restores Power to the Federal Reserve 1964 8-Track 1964 LAN, Local Area Networks adapters 1965 Moore’s Law by CEO of Intel Gordon Moore observes that the number of components per integrated circuit doubles every year, and projected this rate of growth would continue for at least another decade. In 1975 he revised it to every two years. 1967 First ATM installed at Barclay’s Bank in London 1968 Cassette Player introduced 1969 First connections of ARPANET, predecessor of the internet, are made. started – SF, SB, UCLA, Utah (now Darpa) – made to stay ahead of the Soviets – there were other networks being built around the world but it was very hard to connect them – CERN in Europe 1970s Stagflation – unemployment + inflation, which Keynesian theory could not explain 1970s Business/commercial applications for Crypto emerge – prior to this time it was militarily used – ATMs 1st got people thinking about commercial applications of cryptography – data being sent over telephone lines 1970s The public developments of the 1970s broke the near monopoly on high quality cryptography held by government organizations. Use of checks increased in 70s – bringing about ACH One way functions... A few companies began selling access to private networks – but weren’t allowed to connect to the internet – business and universities using Arpanet had no commercial traffic – internet was used for research, not for commerce or advertising 1970 Railroads threatened by the growing popularity of air travel. Penn Central Railroad declares bankruptcy resulting in a $3.2 billion bailout 1970 Conjugate coding used in an attempt to design “money physically impossible to counterfeit” 1971 The US officially removes the gold standard 1971 Email invented 1971 Email 1971 First microcomputer on a chip 1971 Lockheed Bailout - $1.4 billion – Lockheed was a major government defense contractor 1972 First programmable word processor 1972 First video game console 1973 SWIFT established 1973 Ethernet invented, standardized in ‘83 1973 Mobile phone 1973 First commercial GUI – Xerox Alto 1973 First touchscreen 1973 Emails made up more than ¾ of ARPANET’s packets – people had to keep a map of the network by their desk – so DNS was created 1974 A protocol for packet network intercommunication – TCP/IP – Cerf and Kahn 1974 Franklin National Bank Bailout - $1.5 billion (valued at that time) - At the time, it was the largest bank failure in US history 1975 New York City Bailout - $9.4 billion – NYC was overextended 1975 W DES - meant that commercial uses of high quality encryption would become common, and serious problems of export control began to arise. 1975 DES, Data Encryption Standard developed at IBM, seeking to develop secure electronic communications for banks and large financial organizations. DES was the first publicly accessible cipher to be 'blessed' by a national agency such as the NSA. Its release stimulated an explosion of public and academic interest in cryptography. 1975 Digital camera 1975 Altair 8800 sparks the microprocessor revolution 1976 Bretton Woods ratified (lasted 30 years) – by 80’s all nations were using floating currencies 1976 New Directions in Cryptography published by Diffie & Hellman – this terrified Fort Meade – previously this technique was classified, now it’s public 1976 Apple I Computer – Steve Wozniak 1976 Asymmetric key cryptosystem published by Whitfield Diffie and Martin Hellman. 1976 Hellman and Diffie publish New Directions in Cryptography, introducing a radically new method of distributing cryptographic keys, contributing much to solving key distribution one of the fundamental problems of cryptography. It brought about the almost immediate public development of asymmetric key algorithms. - where people can have 2 sets of keys, public and private 1977 Diffie & Hellman receive letter from NSA employee JA Meyer that they’re violating Federal Laws comparable to arms export – this raises the question, “Can the gov prevent academics from publishing on crypto? 1977 DES considered insecure 1977 First handheld electronic game 1977 RSA public key encryption invented 1978 McEliece Cryptosystem invented, first asymmetric encryption algorithm to use randomization in the encryption process 1980s Large data centers began being built to store files and give users a better faster experience – companies rented space from them - Data centers would not only store data but scour it to show people what they might want to see and in some cases, sell data 1980s Reaganomics and Thatcherism 1980 A decade of intense bank failures begins; the FDIC reports that 1,600 were either closed or received financial assistance from 1980 to 1994 1980 Chrysler Bailout – lost over $1 billion due to major hubris on the part of its executives - $1.5 billion one of the largest payouts ever made to a single corporation. 1980 Protocols for public key cryptosystems – Ralph Merkle 1980 Flash memory invented – public in ‘84 1981 “Untraceable Electronic Mail, Return Addresses and Digital Pseudonumns” – Chaum 1981 EFTPOS, Electronic funds transfer at point of sale is created 1981 IBM Personal Computer 1982 “The Ethics of Liberty” Murray Rothbard 1982 Commodore 64 1982 CD 1983 Satellite TV 1983 First built in hard drive 1983 C++ 1983 Stereolithography 1983 Blind signatures for untraceable payments Mid 1980s Use of ATMs becomes more widespread 1984 Continental Illinois National Bank and Trust bailed out due to overly aggressive lending styles and - the bank’s downfall could be directly traced to risk taking and a lack of due diligence on the part of bank officers - $9.5 billion in 2008 money 1984 Macintosh Computer - the first mass-market personal computer that featured a graphical user interface, built-in screen and mouse 1984 CD Rom 1985 Zero-Knowledge Proofs first proposed 1985 300,000 simultaneous telephone conversations over single optical fiber 1985 Elliptic Curve Cryptography 1987 ARPANET had connected over 20k guarded computers by this time 1988 First private networks email servers connected to NSFNET 1988 The Crypto Anarchists Manifesto – Timothy C May 1988 ISDN, Integrated Services Digital Network 1989 Savings & Loan Bailout - After the widespread failure of savings and loan institutions, President George H. W. Bush signed and Congress enacted the Financial Institutions Reform Recovery and Enforcement Act - This was a taxpayer bailout of about $200 billion 1989 First commercial emails sent 1989 Digicash - Chaum 1989 Tim Berners-Lee and Robert Cailliau built the prototype system which became the World Wide Web, WWW 1989 First ISPs – companies with no network of their own which connected people to a local network and to the internet - To connect to a network your computer placed a phone call through a modem which translated analog signals to digital signals – dial-up was used to connect computers as phone lines already had an extensive network across the U.S. – but phone lines weren’t designed for high pitched sounds that could change fast to transmit large amounts of data 1990s Cryptowars really heat up... 1990s Some countries started to change their laws to allow "truncation" 1990s Encryption export controls became a matter of public concern with the introduction of the personal computer. Phil Zimmermann's PGP cryptosystem and its distribution on the Internet in 1991 was the first major 'individual level' challenge to controls on export of cryptography. The growth of electronic commerce in the 1990s created additional pressure for reduced restrictions. Shortly afterward, Netscape's SSL technology was widely adopted as a method for protecting credit card transactions using public key cryptography. 1990 NSFNET replaced Arpanet as backbone of the internet with more than 500k users Early 90s Dial up provided through AOL and Compuserve People were leery to use credit cards on the internet 1991 How to time-stamp a digital doc - Stornetta 1991 Phil Zimmermann releases the public key encryption program Pretty Good Privacy (PGP) along with its source code, which quickly appears on the Internet. He distributed a freeware version of PGP when he felt threatened by legislation then under consideration by the US Government that would require backdoors to be included in all cryptographic products developed within the US. Expanded the market to include anyone wanting to use cryptography on a personal computer (before only military, governments, large corporations) 1991 WWW (Tim Berners Lee) – made public in ‘93 – flatten the “tree” structure of the internet using hypertext – reason for HTTP//:WWW – LATER HTTPS for more security 1992 Erwise – first Internet Browser w a graphical Interface 1992 Congress passed a law allowing for commercial traffic on NSFNET 1992 Cpherpunks, Eric Hughes, Tim C May and John Gilmore – online privacy and safety from gov – cypherpunks write code so it can be spread and not shut down (in my earlier chapter) 1993 Mosaic – popularized surfing the web ‘til Netscape Navigator in ’94 – whose code was later used in Firefox 1993 A Cypherpunks Manifesto – Eric Hughes 1994 World’s first online cyberbank, First Virtual, opened for business 1994 Bluetooth 1994 First DVD player 1994 Stanford Federal Credit Union becomes the first financial institution to offer online internet banking services to all of its members in October 1994 1994 Internet only used by a few 1994 Cybercash 1994 Secure Sockets Layer (SSL) encryption protocol released by Netscape. Making financial transactions possible. 1994 One of the first online purchases was made, a Pizza Hut pepperoni pizza with mushrooms and extra cheese 1994 Cyphernomicon published – social implication where gov can’t do anything about it 1994-1999 Social Networking – GeoCities (combining creators and users) – had 19M users by ’99 – 3rd most popular after AOL and Yahoo – GeoCities purchased by Yahoo for $3.6B but took a hit after dotcom bubble popped and never recovered – GC shut down in ‘99 1995-2000 Dotcom bubble – Google, Amazon, Facebook: get over 600M visitors/year 1995 DVD 1995 MP3 term coined for MP3 files, the earlier development of which stretches back into the ‘70s, where MP files themselves where developed throughout the ‘90s 1995 NSFNET shut down and handed everything over to the ISPs 1995 NSA publishes the SHA1 hash algorithm as part of its Digital Signature Standard. 1996, 2000 President Bill Clinton signing the Executive order 13026 transferring the commercial encryption from the Munition List to the Commerce Control List. This order permitted the United States Department of Commerce to implement rules that greatly simplified the export of proprietary and open source software containing cryptography, which they did in 2000 - The successful cracking of DES likely helped gather both political and technical support for more advanced encryption in the hands of ordinary citizens - NSA considers AES strong enough to protect information classified at the Top Secret level 1996 e-gold 1997 WAP, Wireless Access Point 1997 NSA researchers published how to mint e cash 1997 Adam Back – HashCash – used PoW – coins could only be used once 1997 Nick Szabo – smart contracts “Formalizing and Securing Relationships on Public Networks” 1998 OSS, Open-source software Initiative Founded 1998 Wei Dai – B-money – decentralized database to record txs 1998 Bitgold 1998 First backdoor created by hackers from Cult of the Dead Cow 1998 Musk and Thiel founded PayPal 1998 Nick Szabo says crypto can protect land titles even if thugs take it by force – said it could be done with a timestamped database 1999 Much of the Glass-Steagal Act repealed - this saw US retail banks embark on big rounds of mergers and acquisitions and also engage in investment banking activities. 1999 Milton Friedman says, “I think that the Internet is going to be one of the major forces for reducing the role of government. The one thing that's missing, but that will soon be developed, is a reliable e-cash - a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A.” 1999 European banks began offering mobile banking with the first smartphones 1999 The Financial Services Modernization Act Allows Banks to Grow Even Larger Many economists and politicians have recognized that this legislation played a key part in the subprime mortgage crisis of 2007. 1999-2001 Napster, P2P file sharing – was one of the fastest growing businesses in history – bankrupt for paying musicians for copyright infringement
Here, List of Merchants Avantages To Accept NYC. Ideas are Welcome
(Please don’t forget that is a transcription about an mp3 made in my car, during my work time. I’m sorry i haven’t got to much time but i want participate to the proliferation of NYC, i will go to discord as soon as i can. If someone could structure or add ideas of avantages for merchants to accept NYC in the spirit of this share or others, it will be great. I imagine a pdf, webpages translate in the most languages possible, to share to every merchants all the community knows in their own country and to share to every e-merchants too. I imagine a simple concept that everyone could duplicate and share as a child could do. With this, everyone without technical knowledges but with a desire to help the community and NYC could built NYC with us. I’m sorry to didn’t structure this better…I’ve not finished yet and i have a lot of others ideas to give merchants but I think this kind of sharing can stimulate the community and some ideas is not definitive, just ideas and not list(please be cool with me), and maybe a wonderful professional template can be made by one of you(lol) and start structure listing where everyone could propose) Benefits for the first 10 000 or more (?) merchants who will accept the cryptocurrency NYC since now to the next 1 or 2 years(?) These are the first merchants who will enjoy the greatest benefits of accepting NYC while taking the minimum risk. Free decentralized money transfer in 30 seconds saving on bank transaction fees saving on bank fraud charges (anti-fraud system, irreversible transaction, no more cancellation of payments by credit card, the customer has no money the transaction is denied) No limit amount for customers, unlimited ceiling, easy to sell expensive products New customers around the world, savings and margin New wealthy customers around the world who will love buying your products(because new crypto rich and because convictions) New single customers who prefer to buy from you rather than from your neighbor. You get cool for them, fans of cryptocurrency and NYC, and the new rich will thank you as it should. Modern and political values that you do not suspect the magnitude .. Potential invaluable, see Cryptocurrency MarketCap, customers will call you to send your products to the other side of the world even with shipping rates higher than average. A fundamental revolution is underway and it is not $ 5 more on shipping costs that will stop it. Human and political values have always been stronger than personal enrichment in the history of humanity. An invaluable potential of customers around the world (depends on your product but NYC will list all merchants and businesses from around the world on the same list to spread it around the world) US Community, Russian, Japan, China, Korea, Portugal, France, Belgium, Spain, Germany, Brazil, Argentina, Ukraine, Vietnam, Thailand etc etc etc Thanks to savings on banking fees, it is possible to lower the selling price and to be more competitive than the competitors. New customers will appear by converting to cryptocurrency to benefit from your new rates. It's inevitable, be part of the first. Possibility of incredible gain for the 1st who will accumulate the most NYC with almost NO RISK. If you motivate your partners and suppliers to accept NYC, you save even more on transaction costs and save on both levels (upstream and downstream). Savings which serves you to lower the selling price and increase your margin at the same time Easy to put in place : Unlike conventional currency, NYC is yours and no one can seize them, not even governments. Indeed, only you know your private address and you have an unlimited number of public addresses (anonymous and no one knows how much NYC you have). Your private key can be compared to a bank account number. You regain control over your money with only a few easy starting arrangements to put in place once. Either you exchange your NYC in bitcoin / ether then in $ with transfer to bank account and declare your income to your government, or transfer in bitcoin on « credit card system online » usable in store and ATM (wirex etc). Install Wallet QT, + paperwallet for those who likes security, install coinomi, yobit and coinbase account (and others after) and businesses of credit card online. Stikers on your shop, give photos and videos to NYC community and wait new customers to accumulate NYC with no risk Volatility: If volatility can be considered a real problem in the world of crypto, know that the volatility will be reduced as the use of NYC increases. The price of NYC can only increase and if the world crypto collapses, you will have almost no risk. It's not a fad but a global infatuation. Even if some NYC price drops will happen sometimes, all cryptocurrencies will have to increase in value. And especially NYC with its unique specifics, free and fast bitcoin for Newyorkers, americans and the all world. For proof, despite the incredible increase of the crypto-currencies market cap, we are only at 0.5% of global money flows and bitcoin is only $ 10,000. We are only at the beginning, the beginnings of cryptos. Imagine when crypto accounts for only 1% 2% or 3% of global cash flows. That would mean 1000 billion market cap for 1% of global money flows, 2000 billion market cap for 2% ... 3000 billion Marketcap for 3% of international money flows and so on. Inquire, do you really believe that crypto currencies will stop there? We are not even at the top of the first step of the stairs that leads to the future place of crypto currencies in the space of international monetary flows. This will only happen once in the history of humanity and for a minimum of risk for merchantss who will accept crypto currencies and especially NYC. Simply accept NYC on a small percentage of your cash flow. Do these French, Chinese, Americans who made a fortune by accepting and accumulating bitcoin up to just 5% of its money. Simple hairdresser, restaurateurs, grocers, small merchants… With expensive product, make small reduction if customers just paid 1,2 or 3% in NYC. No risk and great deal Opportunity to make a fortune with only 1 customer, like this French hairdresser who knew nothing in 2010 and made a fortune with a single customer to whom she made a small reduction if she paid in bitcoin, just to laugh, just for fun. In 2014, she traded some bitcoin to live as a senior executive and made a real fortune in 2017. Of course, she still has bitcoins well warm and 2 million € on his bank account. All this, without ever buying a single bitcoin, with never take a single risk, just to try and just for fun. Today, with NYC « the Bitcoin for New Yorkers » has fast and free transaction: It is possible to achieve the same feat without the NYC reaches $ 17,000 but only 0.01 or $ 0.10 or 1 $ Example of no risk for merchant: (You do what you want about the risk you want take and you touch people who wants buy cheap and you touch the crypto fan in your city, region and the all world please to the community(growing and growing) who make for you publicity everywhere in every supports that exist in this world !!! Articles, vidéos, photos, prices, websites, stickers, conversations, shares…) Product A = 100$ in Fiat Same product = 90$ if paid 80% in fiat and 20% in NYC = 72$ + 64 285 NYC Same Product = 80$(or 85$ as you want, you choose) if paid 50% in fiat and 50% in Nyc = 40$ + 142 857 Nyc Minimum risk = Same product at 95$ if paid 90% in fiat and 10% NYC Objectif owners in the next years: Accumulate : 100 millions NYC = 20 à 25000$ of sell to be millionnaire At NYC price= 0.01$. At one penny = millionnaire Marketcap NYC = 1 320 000 000$ Accumulate 10 millions NYC = 2800$ of sell to be millionnaire at NYC price = 0.10$ At 10 cents = millionnaire at 13 200 000 000 $ Marketcap Accumulate 1 millions NYC = 280$ of sell to be millionnaire with NYC at 1$ etc… The best advertisement of all time. The human advertising of a worldwide community that will prompt ordering in your shop. With articles, videos, reports on your store or service that you offer and you win returns in notoriety in your own neighborhood, city, region, country. We send you all these media as soon as you ask if you want to use it on your website, sign or other advertising medium. Or Here on Reddit : post « Merchants news, what we found about you all around the word » Try to find small vidéos and small articles of owners who made a lot of money with bitcoin with minimum of risk without spend one $ in an exchange ;) With stimulate merchants with ideas and With this « strategy with no risk » to give to the merchants we can proliferate NYC acceptance really easily. "A small reduction for customers who pay a small part of the price in NYC and we could touch a lot of owners : Target have to be « not just » merchants but « in all strata of society. It could be the real power of NYC » Owners of services : Marketing, e-merchants, every coach, independent of anything, human services(big potential here, people who haven’t not much money and there is a real hope for them and can give us examples to give the all word of people accept NYC in all strata of society and show our growing maid, housekeeper, mason, housework, pet grooming, wellness, used car salesman, seller of anything...Every business man in every domain can see avantages to used NYC, not just pizza sellers or other.. Bars, discothèques, restaurants : Tourist Shops : Cloths, apparel, Services Mp3 finished ;)
Trying to explain Bitcoin to people who don't understand it- Can r/Bitcoin proof read this for accuracy?
The below is from a blog I'm working on that explains blockchain/bitcoin/cryptocurrencies to people trying to understand it. This one was especially tricky to write so I would love it if you guys would spot check it for accuracy. Thanks! Site is www.cryptoambit.com In my opening post, I cited Bitcoin's skyrocketing price as a distraction from blockchain's potential to be the most revolutionary innovation since the creation of the internet. In addition to distracting from blockchain's promise, I think that the price of bitcoin the currency serves as a distraction from just how revolutionary Bitcoin the technology truly is. While the mainstream media debates endlessly on whether or not bitcoin merits its $12,000 price tag, they don't seem to spend much time covering just how incredible it is that a $200 billion dollar global financial network without any formal government or corporate structure cropped up out of nowhere. Where Bitcoin came from and how it works is a fascinating story which I'll attempt to cover here. Before I go into the Bitcoin origin story in depth, here it is in one paragraph: In 2008, some anonymous person (or group) using the name Satoshi Nakamoto published an 8 page paper to an internet forum that laid out the framework for an internet currency that operated outside of banks and governments. To keep the currency secure, Nakamoto came up with a clever system that would incentivize people all over the world to run software that would secure the network by maintaining a shared record of transactions (blockchain). This software was open sourced which means that anyone in the world could contribute to it and help make it better. In the years since it was unleashed on the internet, thousands of people contributed to the code, built businesses and infrastructure around the Bitcoin network and adopted the currency. In that time, the value of one bitcoin went from eight hundredths of a penny to over $12,000; a $200 billion global financial network emerged from the depths of the internet. To this day, Satoshi Nakamoto's identity remains unknown. Now let's go a little deeper... Bitcoin is a difficult thing to wrap your head around, mainly because nothing like it has ever existed before. Bitcoin (with a capital B) is a global network that facilitates the transfer of the bitcoin (lower case b) currency, relying on a decentralized network of computers rather than trust in centralized institutions. There is no Bitcoin headquarters, where the Bitcoin CEO discusses the 4th Quarter Bitcoin earnings report in a boardroom full of Bitcoin executives. Bitcoin simply exists on the internet, owned by no one and maintained by thousands of passionate people all over the world. From the Depths of The Internet The Bitcoin story starts on a cryptography message board, when the world was in the midst of the 2008 financial crisis, at a time when trust in traditional financial institutions was at an all-time low. A mysterious poster going by the name Satoshi Nakamoto posted a paper entitled, Bitcoin: A Peer-to-Peer Electronic Cash System. It laid out the framework for "a purely peer-to-peer version of electronic cash" that would replace the need for trust in banks and governments with reliance on computer code, algorithms and cryptography. So what was so special about Nakamoto's proposal? It was not the first digital currency ever attempted - it had several predecessors that all failed, mainly because they were unable to solve what's referred to as, the "double spend problem", without appointing some kind of trusted 3rd party to make sure no one was cheating the system. If a 3rd party is needed to verify transactions, it starts to look like a bank which is precisely what Bitcoin aimed to avoid. The "Double Spend Problem" In the physical world, exchange is simple: if I hand someone a dollar, they have it and I no longer do. In the digital world, if I send someone a file, I'm not sending the original - I'm sending a copy: I retain the original and the person I sent it to has a copy. That scenario applied to a currency would be disastrous, and is referred to as, "the double spend problem". So how could Nakomoto get someone to trust that the bitcoin they're receiving online wasn't a copy that had already been spent elsewhere without having a bank or trusted third party like PayPal verify it? Having all transactions be processed through a central authority was counter to what Bitcoin aimed to accomplish, because it would concentrate power in one place. What Bitcoin needed was a way of validating transactions without a central authority. Enter: Bitcoin Miners To avoid the need for a central record keeper, Nakamoto ingeniously devised a system in which thousands of record keepers would validate new transactions through majority consensus. These people are called "Bitcoin miners" and by downloading the bitcoin software, they collectively maintain the decentralized Bitcoin network in the form of the Bitcoin blockchain. For playing their part in maintaining the accuracy and security of the bitcoin network, miners are paid in newly created bitcoin, as well as transaction fees. Mining serves two basic functions: 1) Secures the bitcoin network 2) Introduces new bitcoins into circulation How Mining Works In my opening post, I established that a blockchain is simply a ledger of transactions distributed across a network of computers. That ledger is made up of blocks that chronologically list every transaction that has ever occurred. These blocks are linked through cryptography which means that once a new block is added, it is permanent and can't be altered. Miners are the ones that collectively update the blockchain by agreeing on which blocks of transactions to add to the blockchain through what's called a "consensus algorithm." When new bitcoin transactions occur, they are broadcast to every miner in the network, upon which each miner collects those transactions into a block. Only one miner wins the privilege of adding their block to the blockchain, collecting newly created bitcoin and transaction fees in the process. To win that privilege, they have to do what's called proof-of-work. Warning: here's where things start to get weird so bear with me. To complete proof-of-work and win the privilege of adding the next block, miners use their computers in a competition to solve a complex and time consuming math problem. When a miners solves the problem, they announce it to the network, along with their proposed block of transactions. At this point, the rest of the miners verify that the problem has been properly solved and that the proposed transactions are valid. If 51% of the miners agree on the block, it is permanently added to the blockchain. In order to agree, they use cryptographic proof to double check that the bitcoins in the proposed block have not already been spent. More On That Math Problem This weird mathematical competition is what makes the bitcoin network secure. Miners have to solve this computationally difficult math problem because it ensures that it takes actual real world resources to add transactions to the blockchain - solving the problem requires computing power, which requires electricity, which costs money. As I stated above, 51% of the miners need to agree on a block before adding it to the permanent ledger. This means that to add just one block with false information on the bitcoin blockchain, it would require 51% of the network's computing power. Since the global bitcoin network has 100x the computing power of Google, this would be incredibly cost prohibitive to do. Without the proof-of-work math problem, it would be much easier to gain the 51% needed to co-opt the network. With proof-of-work, it would cost billions of dollars to double spend just one bitcoin; at that price, you would be better off putting those resources into earning bitcoin the honest way just like the rest of the miners. Why Is It Called Mining? The term mining conjures up images of dirty men in overalls with pick axes and hard hats pulling gold from the ground. While bitcoin mining involves none of those things, there are some similarities to gold mining from which the name is derived. Gold is a scarce resource and to pull it from the ground, it costs money in the form of equipment and labor. Bitcoin is also a scare resource that costs money to acquire in the form of the mining equipment and electrical output described above - only when those resources are spent to win the block reward are new bitcoins created. Bitcoins are a scarce resource because Nakamoto's protocol dictates that there will only be be 21 million bitcoins ever created. Originally, the miner reward for adding a block was 50 bitcoin, before it halved to 25 and then halve again to the current reward of 12.5 bitcoins per block. It will continue to halve at regular intervals until the year 2140, when no more new bitcoins will be introduced into circulation and miners will be paid solely in transaction fees. To Summarize Mining So that's the meat and potatoes of how bitcoin works: miners run software that enters them into this mathematical competition where the prize is adding the next block to the blockchain. When a miner wins, pending transactions on the bitcoin network are added to the blockchain and become irreversible. The miner receives newly issued bitcoin as well as transaction fees, which was their incentive to run the Bitcoin mining software in the first place. Still confused? Join the club: mining is a confusing process. The most important take away is that mining is how a decentralized currency functions and remains secure. If John gives me a check for $100 USD, I deposit it to my bank and trust that the banks will tally that I have $100 more and John has $100 less. If John pays me 1 bitcoin, mining is the process that the bitcoin network uses to securely record that I have 1 more bitcoin and John has one less while insuring that John had the 1 bitcoin to pay me to begin with. The Importance of Decentralization When learning about Bitcoin and blockchain technology, decentralization is a concept that you will see often. Bitcoin's decentralized nature allows it to operate globally, without being shut down by any government or environmental disaster and without being controlled by any single powerful entity. To illustrate the importance of decentralization, think of Napster versus a peer-to-peer music sharing service like Tor. When the United States decided that Napster was illegal, they went to the Napster headquarters and demanded they shut down their servers - Napster was dead. Meanwhile, P2P music sharing networks like Tor that allow people to share music for free exist to this day because there is nothing to shut down. The network exists across thousands of users that have downloaded the Tor software. Bitcoin has no central point of failure which means that if the Chinese government, for example, wanted to try and shut down Bitcoin by making mining illegal, the network would be unaffected because the rest of the miners around the world would continue operations as normal. To shut down Bitcoin would mean you would have to shut down the internet - not going to happen. From Rags To Riches So how did Bitcoin go from being worth eight-one hundredths of a penny to over $12,000 per bitcoin? For the first two years, it was basically unknown outside of the developing community of programmers that wanted to see the project succeed. The first ever bitcoin transaction occurred when one Bitcoin user agreed to sell another two Poppa John's pizza's in exchange for 10,000 bitcoin. There's a twitter account that tracks the present day price of those pizzas- worth over $116M in today's dollars. Bitcoin first came into the public's awareness with the creation of The Silk Road: a decentralized marketplace that launched in 2011 where any product could be bought or sold (including illegal drugs). Bitcoin was this internet marketplace's currency of choice and the price shot up to around $10 based on demand. When Gawker ran a piece on Bitcoin's role within The Silk Road, the price jumped up to $30. In 2013, the tiny Mediterranean nation of Cyprus fell into financial crisis and started dipping into their own citizens' bank accounts to bail themselves out. This painted a clear use case for a currency that existed outside the control of governments and the price shot up again to $230. Then the Chinese markets started pouring Chinese Yuan into bitcoin, seeing an opportunity to get their money out of an economy they feared was in danger of collapsing; bitcoin surged to over $1,200. Then from 2014 to 2015, the music stopped and a series of events brought bitcoin back to earth. China, fearing that Yuan would continue to pour into bitcoin, ruled that it was "not a currency in any true sense of the word" and tightened controls. The FBI arrested the founder of The Silk Road and the most popular exchange for buying bitcoin (Mt. Gox) collapsed due to mismanagement. These 3 events caused panic in the markets and sank bitcoin to a low of $200, but the network rolled on. In 2016, bitcoin showed its resilience, recovering to just under $1,000 at the end of the year. In 2017, bitcoin went parabolic on global interest, surging to its current high of $12,000. In addition to mainstream global awareness, the price surge is due to more and more people and institutions viewing bitcoin as a legitimate asset rather than a scary magic internet currency. Two of those institutions are The Chicago Mercantile Exchange and The Chicago Board Options Exchange, which will be launching bitcoin futures markets this month - a sign that Wall Street and the mainstream financial world is taking Bitcoin seriously. Bubble Waiting To Burst? So what could possibly justify bitcoin's value? All a bitcoin is is a string of 1's and 0's on a digital ledger, so how could something that has no physical representation be worth $12,000? First off, anything can have value if people agree it has value. Throughout history, that has included anything from cows, to seashells, to rare metals, to paper currencies backed by governments. In today's digital world, people have agree that something that is purely digital has value - the price of that value is, and will always be, determined by free markets. Here's where bitcoin's value is derived: Scarcity: The Bitcoin protocol dictates that there will only be 21 million bitcoins ever created; unlike fiat currencies, where governments cause inflation by continually printing new currency, bitcoin is deflationary. Bitcoin is similar to gold in that it derives value from being scarce. Increased demand for a scarce asset drives up its price. Utility: Bitcoin's utility is two fold: Medium of Exchange- anyone with an internet connection can transact with anyone, anywhere in the world. If I wanted to send $10,000 to someone in another country, the quickest way to do it with fiat currency is to take it on a plane and bring it to them in cash. With bitcoin, it can be done in minutes. Store of Value- Due to its scarcity and the security of the bitcoin network, bitcoin is similar to gold in that it is a place to store your money outside of government issued currency. While gold has a couple of hundred years head start on bitcoin, with each passing day bitcoin's reputation as an effective store of value grows more and more true. Community: Just like Facebook is valuable because billions of people use it, the growing bitcoin community of developers, miners, businesses and people who transact in bitcoin give it tremendous value. In 2016, $100,000 worth of bitcoin was transacted every minute and 2017 saw bitcoin's user base grow to over 19 million. With more and more users entering the network each day and with 2.5 Billion people in the world who don't have access to traditional financial services but do have access to the internet, the potential for the Bitcoin network to grow is tremendous. Speculation: There's no question that speculation plays a huge part in bitcoin's current valuation. Speculation that this scarce asset's utility and community will grow in time has driven the price well beyond it's present day utility value. If Bitcoin adoption fails to live up to expectations, bitcoin's value will surely fall. Last Word Bitcoin is, and will continue to be subject to wild swings brought on by the speculation of the crowd for the foreseeable future. However, regardless of speculation, Bitcoin is valuable because there is utility in a borderless, non-government issued currency that can move at the speed of the internet. If you live in America, you might not see the need for it in your every day life because the dollar is stable and we have cool things like Venmo and Applepay that make transacting seem effortless. If you live in Venezuela or Zimbabwe, where you need 8 duffle bags full of your hyper-inflated currency just to buy a sandwich, you might be more inclined to agree. That's not too say that bitcoin is perfect, or anywhere close to it. For one, its mining process has raised environmental concerns over the amount of electricity miners burn to maintain the network. Secondly, the network is currently prone to congestion which raises transaction fees, making it too expensive to use for small purchases. Thirdly, people are more likely to hoard it than use it as a currency as originally intended due to expectations that its price will continue to rise. Fourthly, the network can't handle anywhere near the capacity that something like Visa or Mastercard can, so much innovation is needed if it's going to reach mass adoption. Lastly, bitcoin is still figuring out what it will ultimately become: a global internet currency, digital gold, or both - a subject that is hotly debated within the Bitcoin community. Whether you think bitcoin is the future of money or a speculative craze bound to collapse, I think one thing is beyond debate: Bitcoin is an absolute marvel of modern technology and human collaboration and a testament to the crazy times in which we live. A completely anonymous person (or group) posted a paper and some code to the internet and the end result is a $200B global network that is challenging the way we think about trust and money. If that weren't enough, it gave the world the blueprint for blockchain technology that is likely to change the way we transact forever.
At bitcoin’s all-time high last December, the pizzas would have been worth an eye-watering $11.47m, making them likely candidates for the most expensive pizzas of all time. Little did he know that will be, in fact, that this resulted in the most expensive pizzas ever bought. Today, that amount in Bitcoin is worth over $7 million. Better yet, if he would have kept the Bitcoin until the crypto market boom in 2017, he would have got somewhere around $70 million. The first Bitcoin transaction. The first block was Since the inception of Bitcoin, Hanyeczs' pizzas have got more and more expensive. Nine months after the purchase, Bitcoin reached parity with the U.S. dollar, making the two pizzas worth $10,000 Bitcoin has just hit all-time highs of $10,000. Back in 2010, a developer bought two pizzas for 10,000 bitcoins. Today, those bitcoins are worth a whopping $100 million. The two Pizza’s Laszlo bought from Papa John’s cost roughly $40,- at the time. With the current day price of Bitcoin, those two pizzas are worth over $70,000,000, making them the most expensive pizzas ever known to mankind.
76,800,000$ - Most expensive Pizza in the world, Find out why!
Forget Lambos. The first car ever purchased with Bitcoin was a Toyota Prius. Owner Michael Tozoni takes us for a drive and tells CoinDesk what he loves – and regrets – about his purchase. First bitcoin transaction. Join facebook page: https://www.facebook.com /mostexpensiveintheworld SUBSCRIBE: https://www.youtube.com/user/themostexpensive22 m... There are not many, but this is a big one.Bitcoin Exchange CEO Charged with Washing $1 Million Through Silk Roadway Andrew explained that there's been some controversy around Bitcoin and the drug ... Here are some of the most luxurious items you can purchase without the need to exchange it to fiat currency. ... What Can You Buy With Bitcoin? A $10 Pizza for $76 ... The Most Expensive House In ... Elon Musk [CEO] SpaceX: Exchange, Finance, Bitcoin, BTC, Investments 2020 Elon Musk Broadcast 56,853 watching Live now GoPro HD: Ryan Villopoto Full Moto 2 - Washougal MX Lucas Oil Pro Motocross ...