1 - Valuing A Crypto-Currency - Do & Don'Ts - Aaaaaaa

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https://www.forbes.com/sites/forbestechcouncil/2016/04/13/the-value-of-
cryptocurrency-today-and-what-the-future-might-hold/#134750b02e90
APR 13, 2016 @ 09:00 AM 10,649
The Value of Cryptocurrency Today And What The Future Might Hold
POST WRITTEN BY
Chalmers Brown
Making payments awesome as Co-Founder & CTO at Due.com.
Unlike traditional currency, determining the value of cryptocurrency and

electronic cash is a bit tricky. As the CTO of a company that's working to
make online payments easier, I can understand why so many within the
global business, legal and political environments are struggling with the
concept.
The U.S. dollar, for example, has its value determined by the exchange
rate, treasury notes and measurement against foreign exchange
reserves. As Joe Weisenthal explains in Business Insider, the dollar has
intrinsic value because its the only currency that the government accepts,
and it's what the public uses for commerce. Similarly, gold has intrinsic
value because it can be used for jewelry.
Cryptocurrency such as bitcoin doesnt have the same luxury. While its true
that cryptocurrency has numerous benefits, none of that explains the actual
price of coins. And it only gets more complicated when attempting to define
what exactly bitcoin tokens are.
Venzen Khaosan explains on CryptoCoinsNews: Bitcoins value is a

perceived regard for its benefits and usefulness. The term value, as used
here, is not to be confused withprice, which is the monetary cost of a
bitcoin. The use and consequent value of Bitcoin is a result of many
aspects of its innovation, its network, and its features.
How to Value Bitcoins
The value of bitcoins can be determined in different ways. For example,

regarding their scientific value, coins have solved the Two Generals
Problem. (This was a thought experiment devised to illustrate how
challenging it is to coordinate an action by communicating over an
unreliable link, and the first computer communication problem thought to be
unsolvable.)
Beyond their scientific value, coins have technological value in that they
are censorship resistant and cant be shut down. They also have social
value because they use public ledgers and decentralized systems, which
removes the need for a trusted third party for transactions.
There is also significant design value in using them as currency, secure

storage and a decentralized public ledger, and the cryptocurrency model
encourages community contribution and collaboration. Other areas of value
with coins relate to their network value, contract and application value, and
their transmission and storage value, as they work for all of these things.
David A. Johnston, Joel Dietz, and Ron Gross, authors of the white
paper, The Value of App Coins, make the case that coins have value
depending on personal monetary preferences and economic theories.
These factors may include the speed of new coin mining, inflationary or
deflationary policies, transaction costs, and the infrastructure of the coins
themselves.
Discovering and adjusting coins of unknown value can be determined by
public offering, because this determines the short-term value of newly
released coins. For example, the marketing buzz surrounding the coin
could help increase its value. Supply and demand are another way of
reaching a particular value.
For example, if a coin doesnt have enough storage capacity to hold

information or another type of content, then the demand for it will go down.
Supply and demand are one of the reasons why the price of Ethereum-- a
public blockchain platform with smart contract functionality that also
provides a decentralized virtual machine that can execute peer-to-peer
contracts using a crypto asset called Ether -- has continued to rise.
Using bitcoin means looking at currency in an entirely different way. To

illustrate that point, let's take FavorDo, which is an app that allows people
to ask for a favor and also help each other within the framework of a social
network. In return, there is an economic reward. Rather than using
traditional money, which has a preconceived value to it that could result in a
favorable or unfavorable reaction regarding how much you give them, they
have FavorCoins as a way to provide a reward that doesn't have a pre-
assigned value.
The Future of Cryptocurrencies
Cryptocurrency is on the verge of going mainstream. Because of this,

expect to see governments around the world establish new regulations that
could lead to coins like bitcoin becoming centralized, which could stabilize
and determine its value.
Ivan Widjaya states on the Wealth Noob that, as more businesses decide
that there is opportunity in digital currency, the value will naturally rise with
the demand. Others, according to research conducted by Juniper
Research, see it differently. Their predictions are that all cryptocurrency
transactions will be significantly reduced due to regulatory and security
issues.
That doesnt necessarily mean that cryptocurrency is at its end. While not
all cryptocurrency platforms will last, as long they continue to solve
problems and adapt, there will always be value in cryptocurrencies in the
foreseeable future.
I am personally excited for the future of cryptocurrencies and blockchain

technology in general. Current innovations such as Bitcoin, Ethereum, and
others are just the beginning for this technology that can help revamp many
industries. There is plenty of opportunity in this space. Will you be a part of
it?
>>>
https://www.quora.com/What-determines-the-value-of-cryptocurrencies
Bitcoin Mining
Cryptocurrencies
Bitcoin
What determines the value of cryptocurrencies?
One bitcoin is valued at somewhat 600 USD, Litecoin at 20 USD,
Auroracoin at 15 USD at the time of writing this. As economic factors don't
determine the value of these currencies, then how the value is determined?
4 Answers
Isaac Arruebarrena, worked at Santander

Updated Jan 13, 2015
Economic equilibrium, where supply and demand are balanced.
Currently crypto-currency markets are quite illiquid, even bitcoin markets.

This makes the price of bitcoin and other cryptos fluctuate a lot. The
uncertainty around them does not help either. Regulation, technical
challenges, reputational issues and other factors make the supply and
demand unpredictable.
Based on what does the price go up or down? I would say it is based on

people's expectations. If they expect the price of bitcoin to increase due to
a utility increase over time (more merchants accept it, transaction volume
grows, there is a larger ecosystem of developers building on top of it...)
there will be a rise on demand, and assuming that the supply does not
increase in the same proportion, the price will go up. On the contrary, if the
utility decreases (mobile platforms block crypto apps, technical issues
arise, governments ban them, exchange markets get shut down...) the
demand will decrease, the supply will increase (more people willing to sell)
and the price will go down.
In the long term their value will be determined by their utility (adoption by
merchants and other users, significant advantages with respect to other
forms of payment...), liquidity (exchange markets, interchangeability with
other forms of value...) and trust (reputation, regulation, adoption by trusted
institutions...).
4 ANSWERS:
Matt deCourcelle, Early Bitcoin Adopter and Cryptocurrency Evangelist

Written Mar 21, 2014
Time, energy, resources and demand!
Demand comes from the innovation behind Bitcoin. Other Cryptos have
other innovations this demand, or just massive supply has worked for
some.
What is a good "Bitcoin for dummies" summary? Check my answer in there

:)
>
Aryeh Friedman, LeadDeveloper, PetiteCloud/ThinStorm

The price within the currency will vary like any other currency... the value
vice vie other currencies (real and virtual) will very based on the perception
on how well the currency has preserved the value of currency... what I
mean when given a printing press and paper money most peoples first
instinct is to print as much money as they can... they soon learn the
paradox of the more you print the less it is worth (1920's Germany for
example)... the reason for bringing up the printing of money is creating a
cryptocurrency is the same as printing money and when everyone has a
printing press you have some real big issues... namely it is in the interest of
each individual has an incentive to print as much as they can (with in the
limits of making it worthless)... this means while the value of their currency
may not be degraded by slight over printing the aggregate amount is an
issue... for this reason I argue that some form of centeral bank for
cryptocurrencies is needed
>
Michael Hayter, has bitcoins

Fair market value basically what people will pay for them. That's it.
>>>
https://www.quora.com/What-is-a-good-Bitcoin-for-dummies-summary
Using Bitcoin
Bitcoin Exchanges
Bitcoin Mining
Virtual Currencies
+3
What is a good "Bitcoin for dummies" summary?
I'm looking for a "Bitcoins for dummies" summary.
It seems like a very interesting concept to me, but I just don't seem to be
able to grasp it.
Can bitcoins be used like actual currency, and what does mining for
bitcoins mean at all? For some reason, it reminds me of the gold standard.
Is this contextual relationship justified?
Related questions:
1. With regards to mining: Why do miners need an ultra complex
setup rig before they can start mining? I have seen people post
pictures of their "mining rigs" for Bitcoin and they often post a
complex-looking computer setup complete with huge fans and
stacks of, umm, servers I guess? Why do they need to do that and
where can I download a so-called "Bitcoin miner" application? On
the video atweusecoins.com, it says "Bitcoins are generated all
over the internet by anybody running a free application called a
Bitcoin miner." so I am thinking that it's safe to assume that if you
have a constantly running Bitcoin miner, you can pretty much
generate money on your own? It also tells about the transaction
being permanently and anonmyously stored in the network. So
who's network is that?
2. About the money itself. Let's say I got paid in Bitcoin. How do I
withraw that to my bank account? Also, what if I have a PayPal
account and I want to transfer my PayPal balances over to my
Bitcoin address, how does that work? I can't see how the common
public will accept Bitcoin if it's really complicated so are there any
online portals that will let people purchase my product in Bitcoin
without really having to know anything about it? (E.g. a website
where you fill up your Bitcoin address and people pay there instead
via that site instead while using PayPal, Credit card, AlertPay, etc.)
3. Security of my Bitcoins. What if my computer suddenly had a
faulty hard drive? What will happen to my money then? Won't
hackers be able to get my Bitcoins by breaking in-to my computer
and looking up / decrypting certain files that Bitcoin stores in my
hard drive?
27 Answers:
Matt deCourcelle, Early Bitcoin Adopter and Cryptocurrency Evangelist

Updated Sep 18, 2016
Bitcoin for Dummies

What is Bitcoin?
Bitcoin is a form of currency, known as a cryptocurrency, which is similar to

the former US Gold Standard currency, but operates like its own internet
and is the worlds first free market, decentralized global currency. Bitcoins
can be exchanged for other currencies, goods or services.
Bitcoin should be thought of in layers since it offers much more than

standard currencies.
Mining
Exchange
Storage
Value
Where do Bitcoins come from?
Bitcoins are created out of thin-air through an open-source computer

mining system similar to a lottery, yielding a commodity like gold.
Ill now try to explain the key words here lottery and gold as they relate
to Bitcoin mining.
Lottery meaning that your computer is basically trying to decipher a a

large number before anyone else on the mining network does. Each time
your computer gets the string correct before anyone else, a new block is
created and 12.5 BTC (currently) is awarded to the miner or pool (group of
miners). But this isnt a normal lottery. This lottery is millions of times more
difficult than a normal lottery, thus why miners spend a lot capital on new
hardware for mining. Therefore, the faster your system can mine the higher
probability you will be rewarded. Rewards for mining a block decrease in
half every 4 years making bitcoin finite in creation.
Gold meaning only 21,000,000 Bitcoins will ever be created just as only X
amount of gold will ever be discovered on Earth. Thus, this form of
payment tends to see an opposite affect of that which you are used to.
Bitcoins become worth more as time goes on (finite supply) vs. traditional
currencies today which lose more value as time goes on (infinite supply;
central banks can print money at their discretion, and they do).
How do Bitcoins work?
Bitcoins are bit more different than a standard currency since it has it's own
built in transaction system through its mining process. If the dollar, gold and
visa had a baby we'd call it Bitcoin.
Bitcoins operates on a open transaction ledger called the 'Blockchain'. All

transaction data on the network is recorded on the blockchain. Each time a
new block is mined the transaction data held inside that block is added to
the blockchain and confirmed. The blockchain is then downloaded by every
wallet making it irreversible. All information on the network is encrypted to
create anonymity, but this still needs more improvement.
How are Bitcoins stored?
Bitcoins are stored on wallet which essentially serving as their own bank for
the user. A wallet program is provided by the Bitcoin network which allows
users to transfer bitcoin between one another. Wallets can be stored in a
variety of ways:
online wallet provider

CPU wallet
Paper wallet
Mobile wallet device
Smartphone apps
In your brain
Bitcoins are stored on the blockchain so they're essentially like cloud

money. Your accessing the rights to them when you exchange them
through a wallet or service provider.
How do Bitcoins have a real world value?

As Bitcoins continue to be mined they begin to create more value since
more and more people begin to own them. You can kind of think of them as
trading cards or beanie babies. The longer you hold onto these things the
more value they tend to take on as more and more people begin collecting
them. The biggest difference is you cant take your Babe Ruth rookie card
to the car dealership and trade it for a car because its not a universal
means of exchange like Bitcoins or a credit card. You have to go through
the painstaking process of finding a buyer and turning that card into money.
Bitcoin itself has consolidated that process.
People worked hard for months or years to mine these things, investing
time, hardware, and energy in the process. This is where the initial value of
the currency is born, since time and money was used to create them.
Put yourself in the shoes of a miner: you invest time, money and
brainpower into mining these coins against thousands of other people
around the planet. Youre not just going to give them all away for free.
Everyone wants to get their money back from an investment, so people
started exchanging Bitcoin for different things including currencies like the
US dollar and the Euro. In return this allowed new people outside of the
mining ring to collect and exchange Bitcoin, thus the currency began to
grow which started to create a networking effect.
Now normal everyday people are exchanging cash for Bitcoins, wondering
what the hell can I do with these things?
Why are people investing so much money into Bitcoin?
Because its like gold, or more accurately, the gold of the Internet. As long
as people trust that this currency has value, people will continue to invest in
Bitcoin. Bitcoin is open-source software, so it has no central control with
corrupt bankers and politicians, just really smart people working for free to
keeping it running.
Given all the problems we see in world economies, people are rapidly
beginning to lose faith in conventional legal tender like the EUR and USD.
Governments have demonstrated that they can seize your bank-accessible
assets if necessary. With Bitcoin, this is not possible as they have no
access to your funds. Your Bitcoin wallet is essentially your own bank. Its
similar to the idea of people stuffing cash into their mattresses, except this
is a lot more profitable and accessible. People will perhaps one day refer to
this era as the gold rush of the 21st century.
Conclusion
Bitcoin or cryptocurrencies are not an easy thing to wrap your head around.
Imagine trying to explain the internet to someone who lived in the 70s, they
might think they get it, but without actually experiencing it, theyd never truly
understand. So dive in because this idea is spreading and I dont believe
cryptocurrencies like Bitcoin are going anywhere. Im having a hard time
wrapping my head around what the world may be like 5-10 years from now
if cryptocurrencies really do take off, but Im excited for the possibilities.
Whomever Satoshi Nakamoto is, theyre a freaking genius and a

humanitarian in my opinion.
For a more technical explanation, see the official PDF on the original
whitepaper on Bitcoin here at http://bitcoin.org/bitcoin.pdf. I hope you
enjoyed my beginners guide to Bitcoin, Bitcoin for Dummies. If you liked
the tutorial, please upvote!
Where can I buy Bitcoins?
For novice users in the US I'd highly recommend using Coinbase, it offers
ACH bank transactions and friendly user interface, its also the most heavily
funded Bitcoin company at this point in time. It doesn't work like a typical
exchange, but offers a secure method of attaining bitcoin easily and
securely online. Use this referral link and we both get free Bitcoin:
Coinbase
Originally shared on:

Bitcoin for Dummies: What is Bitcoin? - Trading Vega
>
Daniel Fernandes, EE PhD Student at Stanford University

Written Dec 5, 2011
Originally Answered: Bitcoin for dummies?
1. You don't need an ultra complex rig (but you kinda do if you want to
make any money). The rigs you see are really just many many GPUs being
daisy chained together. GPUs can do multiple calculations in parallel, while
CPUs tend to do one thing (but very quickly). Bitcoins are "mined" by
solving a hard math problem. This math problem is such that it is easily
broken down using parallelization, hence the use of GPUs.
When you download the standard Bitcoin.org application, there is an option

to start mining, but it uses your CPU and will bog down your computer.
There are more advanced and efficient (unofficial) miners that take
advantage of GPU computing.
Note that the chance that you will "win" by solving the problem (and get 50
BTC) gets logarithmically harder over time. Currently, the only way to be
profitable (with regards to the electricity bill you'll be paying) is by joining a
mining "pool" with other miners. Basically, you contribute your computing
horsepower to the pool, and when somebody in the pool wins, the bounty is
shared among the members, proportional to how much work they put in.
It also tells about the transaction being permanently and anonmyously

stored in the network. So who's network is that?
There is no good short answer to this question. But here's the long answer:
2.
bank account
There are no Bitcoin banks, all US banks deal with US currency, not
bitcoins. Paypal only works with USD too. They've probably never heard of
it. You are your own bank. This is what makes Bitcoin awesome: all the
benefits of digital transactions without the banks. Your bank is on your hard
drive: where no one can steal it (hopefully), or gamble with it on your
behalf. Though in the future, there may be bitcoin banks for those who want
to generate some interest.
There are online bitcoin wallets, that will store your bitcoins for you, but
none of them have a reputation yet (and you will not generate any interest).
If you want to buy bitcoins, you must use a bitcoin exchange, just like you
would for any other currency. There are a couple out there.
https://en.bitcoin.it/wiki/Categ...
The most popular is Mt.Gox
If you want to buy something with bitcoins. Most services are virtual, like
hosting, but there is a sandwich shop in NY that will let you buy in bitcoin.
https://en.bitcoin.it/wiki/Trade
3. If your hard drive fails, you are screwed. Keep backups, or keep the
money in a better place.
Yes, if you are hacked, you can loose all your money. There are ways to
encrypt the bitcoin "wallet" file that holds your private keys.
If you have any other questions, use the bitcoin wiki:

https://en.bitcoin.it/wiki/Main_...
or join the #bitcoin IRC on freenode.
Comments:
Surashu
1 upvote
Thank you for your reply. In the first half of your answer, I have something
additional to ask, "why?" do they need to solve mathematical problems?
Who are they winning against? If it is de-centralized, who is giving the
mathematical equations? If they manage to solve that mathematical
problem yo... (more)
Upvote Downvote Report Dec 5, 2011
Daniel Fernandes
1 upvote
Why? Because they have to make the currency scarce. There's a reason
we use gold and not water as currency--one is more scarce.
Who are they winning against? Everyone else trying to complete the
problem....(more)
Upvote Downvote Report Dec 5, 2011
Magnus Lv
1 upvote
So this is the most wasteful, environment unfriendly stupid thing in human
history, if I get it correct?
I mean the really heavy miners should require an awful lot of energy.
In fact the energy consumed must in some way be proportional to the
amount of bitcoins generated in total, if we assume ... (more)
Upvote Downvote Report Mar 29, 2013
Daniel Fernandes
I agree, and it's not even guranteed to be fail-safe in the future, since
quantum computing may make the hash algorithm useless.
Wilup Pook
From what I understand, the mining is doing these complicated computing
operations, but at the same time, the complicated computing operations are
validating bitcoin transfers. Each time a bitcoin is transferred from one
holder to another, a record is added to the log, but in a way that requires ...
(more)
Mathew Lodge
A great example of an answer that has a lot in it, but only makes sense to
someone if they already understand bitcoin!
Balaji Venk
I dont really understand the term "mining" used in here to create bitcoins
and why is it said that govt cant control or stop bitcoins?
Upvote Downvote Report Feb 23, 2014
>
Harjeet Taggar, http://harjtaggar.com

Written Sep 17, 2013
This is a great and thorough explanation of Bitcoin, I'd recommend taking
the time to watch all the videos: Bitcoin: Overview
Shashank Katkar ()
Does yc use bitcoins? Winter 2014 Funding, for #2, could bitcoins be used
to send the money, not all startup teams are that great after the meet.
Upvote Downvote Report Sep 24, 2013
>
Henrique Cruz, Product Mgmt at Talkdesk, Contributor at BetaGlyph

Written Jan 6, 2014
Hey,
In the Startup Pirates blog (Startup Pirates Blog), I recently wrote about this
exact same subject. I also struggled with understanding what Bitcoin is,
and I hope this helps!
1) What are bitcoins?

Bitcoin is a form of virtual currency, created in 2009 by an unknown person
using the alias Satoshi Nakamoto.
With Bitcoin you can buy goods or services using this currency as you
would with dollars or euros, as long as the seller accepts bitcoins.
Bitcoins are used for electronic purchases and transfers. Every single
purchase is immediately logged digitally on a transaction log that tracks the
time of purchase and who owns how many bitcoins. This way every
transaction is 100% transparent giving more safety to the whole process.
But will people know how much I am spending and on what? No, sir. Each
transaction is recorded in the public log, and the names of buyers and
sellers are never revealed only their wallet IDs, keeping the transactions
private.
Bitcoins are growing in popularity and there is a positive trend of
businesses accepting Bitcoin as a form of payment. Many big companies
like WordPress,Bedding, Furniture, Electronics, Jewelry, Clothing & more,
and Reddit accept Bitcoin. More than $1.5 billion worth of bitcoins are
currently in circulation around the world, with millions of transactions
occurring daily.
Recent history of the Bitcoin market price
2) Why Bitcoin?
The reasons for using Bitcoin are simple. It is a very fast payment method
which, much like the credit card payments, are done instantly. It is a very
cheap form of currency, as it only has minimal fees (sometimes being free).
This is a major advantage, particularly for small business, as the typical
credit card payments are 2-3% on the transaction.
Plus, there is no central bank or institution with power over the industry.
Bitcoins are controlled by its community and, for good and for bad, it is
completely decentralized.
Finally, another advantage relies on the security aspects of Bitcoin. It is
100% owned by you, meaning no one can freeze your account or access
your bitcoins. Additionally, each transaction is only subject to two pieces of
data: a public key, and a private one. Anyone can see the public key (your
bitcoin address) but your private key is secret. When you send a bitcoin,
you sign the transaction by combining your public and private keys
together, and applying a mathematical function to them. This creates a
certificate that proves the transaction came from you. This is different from
the traditional credit card transaction, where you need to provide your card
number, expiry date and CSV number.
3) How to get started

You can get Bitcoins in a different number of ways. Before getting them,
you first need to sign up and get a Bitcoin wallet. A wallet is basically an
app where all your bitcoins and information is kept.
4) How to get Bitcoins
Now that you have your wallet, you can start collecting and using your
bitcoins. The most common ways to get the currency are the following:
If you are selling a good, you can accept bitcoins as a form of

payment.
You can purchase and sell bitcoins through marketplaces called
Bitcoin exchanges. The largest exchange is Mt.Gox
You can trade bitcoins for traditional currencies of countries.
Through mining. People compete to mine bitcoins using
computers to solve complex math puzzles. This is how bitcoins are
created. Currently, a winner is rewarded with 25 bitcoins roughly
every 10 minutes. This means that the miners are the ones
creating wealth (meaning bitcoins) in the system.
In order to reduce inflation in the bitcoin world, there is a limit for the
amount of bitcoins that will exist. The number of bitcoins created per block
halves every four years (it will go from 25 to 17.5 in 2017) with the
maximum being 21 million bitcoins.
5) Recent developments
There has been quite a lot of talk around Bitcoin. Some countries, such
asChina, have blocked the use of Bitcoins. Plus, a couple of weeks ago,
theEuropean Union warned its citizens for the fact that virtual currencies
have no consumer protections, meaning that we are on our own risk when
it comes to virtual hacking or any other losses.
On the other hand, it seems that Bitcoin has the possibility to take over
internet-based financial transactions, providing a lot of value for both
consumers and sellers.
Jonathan McCallum
Thanks for this very helpful explanation about Bitcoin.

Jonathan McCallum
Mt. Gox has gone bankrupt. I suggested an edit to that part of this article.
Quora User
Bitcoin is a digital currency that cannot be forged or duplicated because
every bitcoin that is spent is linked to the transaction before it. This means
that every bitcoin is accounted for on a chain of transactions, called the
Blockchain. This makes Bitcoin very good money because you can now
use the internet to send money to anyone around the world, confident that
no one can make more bitcoins out of thin air (except as defined in the
protocol).
>
Terrence Yang, Investor in PurseIO, Coin Hako & cryptocurrency startup

fund
Updated Aug 2, 2014
Bitcoin is the most popular digital currency among
cryptocurrencies.
Bitcoin is not backed by any physical asset like gold.
Bitcoin is not backed by the full faith and credit of a country.
Bitcoin is decentralized, unlike the U.S. dollar, the amount of
which is controlled by the Fed, a central bank.
Bitcoin depends on both cryptographic protection and peer-to-
peer protocol for witnessing settlements in Bitcoin.
Bitcoin ownership can be anonymous. But folks can easily track
stuff from your blockchain.
Bitcoin flows are visible to all who wish to see it because the
blockchain is a public ledger (receipt) online of all (major) Bitcoin
transactions.
Sources: Coindesk, http://cseweb.ucsd.edu/~smeiklej...
Anthony Alfidi
1 upvote
Here's my blog article explaining Bitcoin: The Serious Disadvantages of
Bitcoin It's a good discussion of the phenomenon's risks. Bitcoin
promoters typically don't address the algorithm's disadvantages.
Terrence Yang
Thanks Anthony. Always good to hear about the other side to things.
Bhumika Brahmbhatt, Bhumika
Written Dec 14, 2013
Originally Answered: What are Bitcoins?
Bit coin is one kind of E-cuurency.....Bitcoin is an open source, peer-to-

peerpayment network and digital currency introduced in 2009
by pseudonymousdeveloper "Satoshi Nakamoto". Bitcoin has been called
a cryptocurrency because it uses public-key cryptography for
security.Users send payments by broadcastingdigitally signed messages
that transfer ownership of bitcoins, the unit of currency.
A decentralized network of specialized computers verifies
and timestamps all transactions using a proof-of-work system.The
operators of these computers, known as "miners", are rewarded with
transaction fees and newly minted bitcoins.
Bitcoin has been a subject of scrutiny for its use in illicit activities.In 2013
the FBI shut down the Silk Road online black market and seized US$28.5
million worth of bitcoin from the alleged mastermind. Theft of bitcoins has
been covered extensively in the media. The risk of theft can be mitigated by
generating and storing keys offline.
>
Mahesh Shanbhag, iOS Developer @YMediaLabs
Written Feb 14, 2014
This link provides 'How the Bitcoin protocol actually works'
a very nice picture of the Bitcoin Protocol. It explains how the transaction is
done, how the validation is managed, the cons and pros of some rules and
much more, but not in detail rather the basic understanding.
>
Aravind Madenur, Quora User # 5523423

Updated Sep 16, 2014
a) Bitcoin is a virtual currency that provides complete anonymity. It is a
protocol designed by group of people or a person popular under the
pseudonym Satoshi Nakamoto.
b) Historically Currencies have been backed by Gold. Bitcoins are backed

by value generation through the usage of computing power. This is
certainly better than mindless printing of money. (You know whom I am
talking about)
c) Bitcoins are accepted as currency at various websites.
d) Bitcoin mining is not a joke. Powerful processors are necessary for

profitable mining, else you will end up spending more money on power and
internet and other costs.
e) Bitcoins have rallied in the recent times with 1 BTC trading over $140
(USD)
f) In March 2013, FinCEN issued regulation pertaining to the use and

exchange of virtual currencies. (FIN-2013-G001). Due to this, Bitcoin may
have gained more interest in the past 1 month.
g) Bitcoins eliminate transaction costs and other overheads. Hence they
are popular among many people and organizations.
h) Bitcoins can be a great medium for money laundering, accepting money

for shady activities etc. These are of course the risks/disadvantages of a
currency like BTC.
i) Unlike most currencies, BTC is not backed by the faith in any

person/country/government. If your bitcoins are lost/stolen, there is no one
you can complain to.
Interesting reading:
How to Get Bitcoins

Mining - Bitcoin
Bitcoin FAQ
Bitcoin ATMs coming soon
Biggest Euro Bitcoin Exchange
>
Adam Gering, CEO, Uncommon Social

Written Apr 1, 2013
Bitcoin is something of a limited supply, that can be securely transferred
between parties in a verifiable manner without relying on the trust of third
party or a central entity. It cannot be counterfeited. It has no intrinsic value
what-so-ever, only what people are willing to exchange it for.
In this sense, bitcoin is analogous to fiat physical cash, which more or less
shares all the same characteristics listed above. However, bitcoin has two
specific characteristics physical cash doesn't have which are huge
advantages:
(1) it is digital and not physical, therefore can be transferred between

parties without physical exchange (e.g. over the Internet), and...
(2) the supply of bitcoins cannot be arbitrarily inflated (e.g. central banks
inflating the monetary supply or printing money).
The mining of bitcoins serves purely to allow the supply of bitcoins to inflate
in a controlled and predictable manner. It wasn't really required, but it both
encouraged early adoption of bitcoin, encourages network distribution of
the bitcoin chain (which facilitates the transfer/verification function) and
moderately reduces its value appreciation.
Bitcoin has two clear disadvantages to fiat physical cash, and one shared
disadvantage:
(1) It is not legal tender for debts public and private. (i.e. no one is obligated
to accept it and you cannot pay your taxes in it).
(2) It does not have a geographic monopoly, and can be subject to

competition by other digital currencies.
(3 - Shared) It is targeted by thieves and can be stolen without recourse.
>
Akbar Thobhani, Playing with bitcoin since 2009. Founder of cointag.

Written Apr 16, 2014
A key advantage of bitcoin is the ease with which one can transfer bitcoin
to anyone around the world and do so within minutes.
There are various wallet services that can hold your bitcoins for you such
as coinbase, Bitcoin Core, Multibit, Bitcoin Block Explorer -
Blockchain.info. You can see a list here Choose your wallet - Bitcoin.
Bitcoin address is long (up to 35 characters). Cointag is a new directory

service that makes it easy for you to share your address. It also makes it
super easy to transfer bitcoin to anyone around the world directly from their
website.
>
Parvathy Subramanyan, http://scribbleblock.tumblr.com/

Aaand, I manage to answer my own question. :) A link for anybody else
who's looking to know more about bitcoinage.
http://scribbleblock.tumblr.com/...
>
Jon Matonis, studied at Bitcoin

Two general overviews that I like are:
(a) Alan Szepieniec Presents Bitcoin at Polish Mises

Institutehttp://themonetaryfuture.blogspo...
(b) DEFCON 19: Hacking the Global Economy with GPUs or How I
Learned to Stop Worrying and Love Bitcoin
video:
https://youtu.be/v4pJwUeNFk8
>
Shankar Iyer, Bhujia lover. Student. Subtly charming alcohol junkie.

Written Jan 20, 2014
Bitcoin is a virtual, cryptocurrency which is currently the highest performing
currency in the global market. In practice, Bitcoin blends credit cards ease
of digital transfer with the relative anonymity of a cash handoff. It was built
to transfer money from person to person without rent-seeking middle men.
For more information about how to obtain and where to use bitcoins, read
this post:Money 3.0 - Bitcoins. Explained.
>
Anonymous
Written Jul 21, 2013
Bitcoin is a new form of money. Its similar to the US Dollar, the Euro or the
Peso, except that it is not controlled by any single entity or government.
Instead of being controlled by a single entity, bitcoin is a decentralised

peer-to-peer currency, meaning that it lives on the computer of each person
that uses it. (Similar to the internet itself.) Because its decentralised,
nobody can tamper with the market by releasing more bitcoins into
circulation and there is no wall-street banker getting rich by standing in the
middle of each transaction.
The benefits of bitcoin are that transactions happen almost instantly and
dont require a transaction fee unless the person initiating the transaction
decides to pay one. You see, because nobody controls the bitcoin network,
there are computers all over the world who help verify each transaction that
takes place this process is called mining.
In order to incentivise these miners to help verify all of the transactions,

the bitcoin network awards bitcoins to miners periodically. Currently, 25
bitcoins are awarded in a sort of lottery system about every 10 minutes.
The software behind bitcoin handles this lottery and its completely open
source so everyone can see it.
The rate that bitcoins are rewarded will halve to 12.5 in 2017 and then
halve again every 4 years until the final bitcoins are rewarded in 2140. At
that time, there will be a total of 21 million bitcoins in existence and thats it
no more will ever be created. Based on the current exchange rate, there
are over $1.4 billion bitcoins available.
The way bitcoin transactions work is very simple, each person has a bitcoin
wallet that they use to send and receive money. This wallet is a simple
string of letters and numbers, making that wallet completely anonymous
unless the person decides to associate themselves with it. The anonymous
nature of bitcoin transactions has resulted in it being used for a variety illicit
activities.
While illegal purchases may take place, there are thousands of businesses,
services and marketplaces all over the world that accept bitcoin.
Bitcoin was originally invented by Satoshi Nakamoto in 2008 and the first
bitcoin transaction happened in 2009.
Check out the Getting Started with Bitcoin Guide at Buy Bitcoins Wiki
>
Charles Hayter, CEO & Founder of CryptoCompare.com

Written Feb 2, 2016
You can check out our guides here and read through each link as you dont
understand anything - they range from simple to hard so let you get deep if
you want to.
Bitcoin and Cryptocurrency Coin Guides
https://www.cryptocompare.com/ex...
https://www.cryptocompare.com/mi...
https://www.cryptocompare.com/wa...
>
Sigalle Barness, Attorney, Traveler, Yogi, Writer, Student of Life...

Written Jan 23, 2014
Here is a program I did "Introduction To Bitcoin" a few years back that gives
a good introduction. It is a few years old, and some developments since
then, but the foundation is still helpful.
>
Feng Zhu, Bitcoin enthusiastic

Bitcoin is the first decentralized digital currency. They are digital coins that
you can send from the internet. Compared to other alternatives, Bitcoins
has advantages which includes:
1. They are transferred directly from person to person via the

internet without going through the banks(fees are much lower)
2. You can use them in every country(No geographical barrier)
3. Your account can not be frozen and there are no prerequisite and
arbitrary limits
They are generated all over internet by anybody running a free application
called a Bitcoin miner. Mining requires a certain amount of work for each
block of coins This amount is automatically adjusted by networks. Although
they are always created at a predictable and limited rate.
Bitcoins are stored in your digital wallet which might look familiar if you use
online bank account. When you transfer Bitcoins, an electronic signature is
added. After a few minutes, a transaction process is verified by a miner
permanently and anomously stored in a network.
The Bitcoins are completely open source that anybody can review the
code.
Bitcoin is changing finance as the same the web is changing publishing
when everyone has access to a global market, great ideas flourish
So far you can purchase video games, gifts, books, servers, and socks
Several currency exchange exists where you can trade your Bitcoins for
dollars, euros.
Bitcoins is a great way for small business and freelance to get noticed
It doesnt cost anything to start something. There are no chargebacks or
fees
and youll get additional business from bit coin economy
>
Paula Jacobs, http://www.satoshiplay.com

Written May 11, 2013
Bitcoin mining is a bit like gold mining - except it involves a complex
computer algorthim instead of shovels.
However, the initial "bitcoin mining rush" has ended and it is now much
more difficult to "get rich quick" with bitcoin mining, since most of the
bitcoins have already been claimed.
>
Anonymous
Written Nov 23, 2013
Agenda:
What is Bitcoin.
What is mining.
How to use Bitcoin in today's world.
How to feel confident your Bitcoins are secure.
Bitcoin is two things:
1. A way to store value (like cash, except not physical).

2. A reason for people to generate overly complicated explanations.
"Mining" is how Bitcoins are generated, and how people who use Bitcoins
can be sure the value is real.
You can change Bitcoin into cash (e.g. US Dollars) by selling your Bitcoin to
someone for cash.
If you're concerned you'll lose the information you need to get your
Bitcoins, then trust them with someone else - just like you trust your bank to
hold onto your cash.
>
Chitral Patel, Digital Entrepreneur and Investor | Bitcoin | Blockchain

Written Jul 2, 2016
Here is a page with information on what is bitcoin for beginners along with
some assorted videos: https://www.zebpay.com/what-is-bitcoin
Watch our video on what is bitcoin in 2

minutes: https://www.youtube.com/watch?v=...
and video on a simple explanation on what is bitcoin with boom

cycles:https://www.youtube.com/watch?v=...
The book Digital Gold by Nathaniel Popper is a must read for bitcoin
newbies.
Happy bitcoining :)
>
Anirudh Joshi, not all data is good data

Updated Mar 2, 2014
Originally Answered: What are Bitcoins and how to use them?
Digital rocks, and you don't really use them; you hoard them.
>
Joel John, Wrote a couple research papers that went on to be products
mentioned on forbes
Written Jul 21, 2014
Explain Bitcoin Like Im Five
This..failed to explain bitcoins to a few people I know , but thats probably

the simplest explanation one can give you :)
>
Branko Sarcanin, former COO Head of PMO Office at BSH Group

Consoortia
Written Jan 12
Good for start, but you have to start to learn about PKI. Once you know
well what is that you have to research all PKI application difficulties. After
that you have to learn about CE2 encryption.
Once you know all of that research evrithing about Vancuver quantum
computer.
Now you are ready to do applicable cryptography and before that you could
build business applications, or work for well funded bitcoin, or blockchain
proof pw work, because angel investors are detrminated to make, or loose
investment. Good Luck and haha bear \U0001f43b
>
Daniela Monteiro, works at Startup Pirates

Written Jan 3, 2014
Hope it's useful: 5 Simple steps to understand what the hell Bitcoin is
>
Lee Weinberg, Capitalist Counsel (Lawyer, Investor, Advisor and
Entrepreneur)
Updated Nov 26, 2013
2013's Tulips. Useful for speculation and trading until the music stops. Not
sure when, but it will.
>
Leonard Apeltsin
Written Jun 9, 2014
An interesting "alternate" intro to bitcoin is available
here:https://coursmos.com/course/dive...
>
Dmitry Pavlov, I am doing my best in .NET remote freelancing

Written Aug 7, 2015
Please read the post Cryptocurrency for Dummies: Bitcoin and Beyond in
our blog.
>
Mikael Koskela, works at IBM

Written Dec 3, 2013
Video explains this cryptocurrency well for you.
Bitcoin Explained
>
Dan Abrahams, Co-Founder at CurrencyTransfer.com
Here's a pretty cool beginners guide to Bitcoin:

video:
https://youtu.be/HBLhdi1rQlk
>
Alex Broekman, Co-founder at www.funk-e.org (aka Funk-e Animations)

Here is a video we made that should explain it well for beginners:
Video:
https://youtu.be/LP4GSvQUtBw
>
Roonu Vohra, Indian, student

bitcoins are imaginary currency that exists only in cyberspace......RBI
always opposes it
>
Anthony Alfidi, I write about economics.

Bitcoin is a sick joke masquerading as a currency. I explain everything in
my blog article: http://alfidicapitalblog.blogspo... Those complex mining
rigs you see run obsolete video cards. They generate heat that poses a
health hazard. I'm certain that it's mainly used to evade the law. The
whole market collapses when anyone tries to sell it.
>
Anindya Munshi, works at Self-Employment

Written Jun 1, 2015
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bit coin price-simple steps to mining bit coins.
http://anindyamunshithekiller.blogspot.in/2015/05/bit-coin-exchange-how-
to-trade-with-http://anindyamunshithekiller.blogspot.in/2015/05/bit-coin-
wallet-good-reasons-to-use-bit.html
bit.html
bit coin meaning-how to choose a bit coin broker?
bit coin ppt- how to mine digital currencies?
bit coin trading strategy- a guideline for novice investors in bit coins.
>
Richard Kyle Smith, studied at Milton High School

Written Dec 8, 2013
What is intrinsic value on which bitcoin is based?
>>>
http://komar.bitcheese.net/files/Measuring%20the%20Intrinsic%20Value
%20of%20Cryptocurrency.pdf
Measuring the Intrinsic Value of Cryptocurrency DONE O.K
>
http://komar.bitcheese.net/files/
Index of /files/
../
2014.05/ 28-Mar-2015 04:28 -
2014.07/ 02-Apr-2015 15:23 -
2015.12/ 29-Dec-2015 19:33 -
2016.04/ 10-Mar-2017 17:23 -
amall-doc/ 19-Dec-2013 05:52 -
android/ 05-Jul-2016 00:30 -
apsheronsk/ 19-Dec-2013 05:52 -
avito/ 24-Jan-2017 09:07 -
bitfinex-/ 23-May-2015 20:30 -
clrs/ 13-May-2016 14:50 -
com.koushikdutta.superuser_1029/ 12-Feb-2014 07:05
-
deinterlace/ 26-Apr-2015 21:40 -
equip/ 03-Dec-2016 15:04 -
frames/ 19-Feb-2017 21:08 -
gaylendar/ 16-Jul-2016 11:31 -
graphs/ 19-Dec-2013 05:52 -
hard_files/ 19-Dec-2013 05:52 -
hidden/ 10-Apr-2017 16:41 -
htc-tytn-II-soft/ 19-Dec-2013 05:52 -
mathlib-docs-0.11.1/ 02-Dec-2014 00:02 -
navalnymail.kz/ 19-Dec-2013 05:52 -
paste/ 05-Apr-2017 10:27 -
pg_hint_plan/ 28-Oct-2014 13:12 -
raskin/ 19-Dec-2013 05:47 -
runbo/ 10-Aug-2014 07:26 -
ugnich/ 26-Apr-2015 21:40 -
/ 19-Dec-2013 05:52 -
/ 24-Sep-2014 15:49 -
/ 19-Dec-2013 05:52 -
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/ 19-Dec-2013 05:52 -
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02 Lost In Life.mp3 02-Jul-2013 14:25 7694914
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>>>
https://medium.com/@RafeFurst/the-value-of-cryptocurrency-
675e7c790979
Rafe FurstFollow
http://www.rafefurst.com/bio
Feb 20
TOP STORIES
1. Hacking the Startup Fundraising Matrix

2. VC & The Law of Large Numbers
The Value of Cryptocurrency
Contrary to popular misconception, cryptocurrencies like Bitcoin have more

intrinsic value than government issued money.
According to Business Dictionary, money is anything that serves as
(1) generally accepted medium of financial exchange, (2) legal tender for
repayment of debt, (3) standard of value, (4) unit of accounting measure, and
(5) means to save or store purchasing power.
The rise of Bitcoin and other cryptocurrencies has forced us to rethink what
money is and what it can be. I find it illuminating to go beyond the
narrowfunctions of money listed above, and to consider as well the types
of valuewhich underpin money. By my estimation, there are three main
sources of value driving a currencys price:
1. Production: the direct cost and opportunity cost of producing the

currency
2. Scarcity: how much currency is in circulation
3. Utility: what the currency can be used for
We will explore all three, and in doing so, Ill argue how dollar for dollar
cryptocurrencies are more valuable than dollars.
Production Value
Up until relatively recently, government-issued currencies (like the U.S.

Dollar) were backed by a hard asset such as gold. Meaning at any time you
could redeem dollar bills for a predetermined amount of gold from the U.S.
government. In order to issue more money, the government would have to
place a corresponding amount of gold into the treasury in order to cover the
redeemable obligations.
This arrangement begs the questions: where does the gold come from, and
how does the government acquire more gold when it wants to issue new
currency? The fundamental answer is of course, gold mining.
Mining has both a direct cost and an opportunity cost. The direct cost
involves labor, machinery, ownership or access to the land, and so on. The
opportunity cost is the value of what could have been done with the same
labor, machinery, land, etc. For instance, a gold miner must consider the
opportunity cost of mining for something more lucrative, like diamonds.
Taken together, the direct cost and opportunity cost of producing something
makes up its total production value.
These days, governments do not bother backing their currency with a

commodity like gold. Instead, they issue money by fiat and back it with the
full faith and credit of the government itself. Theres no longer the ability to
redeem your dollar bills for something tangible. And since it costs next to
nothing to create more fiat currency, governments are perpetually tempted
to either print more of it, or issue sovereign debt.
As a consequence, fiat currencies have very little production

value.Furthermore, they are vulnerable to hyperinflation (like what
happened in Brazil, Russia and 19 other countries over the last 25 years) or
debt default (which has happened to just about every major monetary
system at least once since 1800, including the United States).
Ironically, one of the main critiques of Bitcoin is there appears to be nothing

tangible backing the currency. But in reality Bitcoin is backed by its high
production cost. Bitcoin is produced via a virtual mining process, which
takes exponentially more computing power each time a new cache of
Bitcoin is mined. Mining not only requires specialized hardware, but
electricity to run and cool that hardware.
https://www.theregister.co.uk/2014/08/12/chinese_bitcoin_farms_from_scifi
_to_scuzzy/
Estimates of just the electricity cost of Bitcoin mining range between $400
Million and $6.2 Billion per year. This as compared to the total Bitcoin
market cap today of $17 Billion.
Critics argue that the energy spent on mining Bitcoin is arbitrary and
wasteful. But this is precisely what makes Bitcoin secure, and immune from
hackers and governments alike.
The arbitrary-and-wasteful argument also lacks an understanding of

opportunity cost. Imagine what all that energy and specialized hardware
could be used for instead? With the rise of artificial intelligence and big data,
there are surely very lucrative ways to deploy all that computing power
besides cryptocurrency mining.
Mapping genomes, predicting the weather, and realtime translation of

Mandarin to English jump to mind as all being higher value than Bitcoin
mining, and yet Bitcoin mining is what the market demands. In my mind, this
is a reflection of Bitcoins exponentially increasing production value.
Scarcity Value
As basic economic theory tells us, the financial value of anything is reflected
in its fair market price, which in turn is a reflection of both the supply and
demand. The demand for a currency is fueled by its utility, which we will
address in a moment. Assuming a certain amount of demand, the price
a currency is determined by its supply. Put another
and thus the valueof
way, the more scarce a currency is, the more valuable it is (all else being
equal).
As discussed, with fiat money, there is unlimited supply; the government

can simply issue new currency by fiat. Even in the case of a gold standard,
the supply is effectively unlimited. To wit: the Earth holds a finite supply of
gold, but if the price of gold were high enough on the open market, it would
be worth the cost to mine asteroids for gold or transmute gold from other
elements.
And heres where Bitcoin gets interesting.
Bitcoin (and most other cryptocurrencies) are designed to have a fixed

supply. Once 21 million Bitcoins have been mined, there will be no more to
mine. Thus, Bitcoins, being purely mathematical abstractions, are amongst
the most scarce commodities in the known universe. Which means that their
scarcity value is much greater than gold, silver, or any physical commodity.

As of this writing, about 75% of all Bitcoins have been minedthe last one
is projected to be mined around the year 2045. This is why some
futuristspredict that (a) cryptocurrency will eventually replace gold; (b)
replace the U.S. Dollar as the worlds reserve currency; and (c) the price per
Bitcoin will eventually increase over a thousandfold to reach $1 Million per
coin.
While I have doubts about the longevity of Bitcoin itself, I do believe

cryptocurrencies as a class will surpass fiat currencies in the long run. And I
believe this because of their relative scarcity, combined with their superior
production value and utility.
Utility Value
By the old world definition of money, Bitcoin fails on the legal tender
aspect, but over time it has become increasingly useful in the other aspects.
However, fiat money and Bitcoin both have limited utility, when we compare
them to the growing universe of alternative cryptocurrencies.
If you are like most people, you probably arent aware of the Cambrian
explosion of new cryptocurrencies over the last several years, so heres a
sampling:
From http://coinmarketcap.com/ where there are over 700 listed

cryptocurrencies as of this writing
What you are looking at is the rise of the blockchain token and
thedecentralized business model (sometimes called app coins). Instead of
yearning to create the next unicorn startup, the best and the brightest
software developers are creating cryptocurrencies, which are backed by the
applications that in the past would have been created by a startup.
The naive view of these app coins is that they are simply the same old
Silicon Valley startups working on blockchain technology. The reality is a
much more profound shift, and one that ultimately threatens the nature of
the corporate firm.
Consider Golem, which works like AirBnB for your spare computing
cycles, and which backs its currency with a globally distributed
supercomputer. If the coin takes off and becomes one of the dominant
cryptocurrencies, it could transform the way the internet works, taking the
power out of large corporations like Google and AT&T, and putting it into the
(literal) hands of the people, via their smartphones and laptop computers.
Or take Steem, which is a decentralized version of Reddit. Instead of

Facebook getting paid for selling advertising over your content, you are
getting paid, in cryptocurrency, each time someone reads or likes your post.
The more people who write and read on Steem, the more valuable its
network becomes, and the higher the price Steem cryptocurrency
commands on the open market.
With a corporation, theres a distinction between an executive, employee,

investor, director, customer, supplier, contractor, and strategic partner. With
a cryptocurrency, there is no distinction between any of these stakeholders.
Anyone can play any role (or multiple roles) at any time. Whats even more
of a mind boggler is that nobody is in control; these are hive minds, serving
one or more extremely useful functions. Useful to whom? The stakeholder
network, which is simultaneously creating the currency and benefiting from
using it.
Think about that for a moment. What if every company you interact with in

the future including your employerwere not a corporation, but rather a
distributed blockchain network? Imagine if you could earn a living being
asovereign individual, plying your skills and passions in a fluid and value-
producing manner of your own choosing.
Whether this is your definition of a good life or not, this is becoming

increasingly possible, and to some, as inevitably as the internet itself. Why?
Because cryptocurrencies have high utility value to a large number of
people who view such alternative as an improvement over the current state
of affairs (see here and here for a flavor).
But its not just the digital elite who are starting to participate. There are
coins for the cannabis industry, a coin that rewards students for learning, a
coins that represents labor hours for temp workers, coins for gamers, one
that grants universal basic income, one dedicated to the memory of Steve
Jobs, a coin to support President Trump, another to impeach him, and one
called bunnycoin, designed to spread Love, Peace, Happiness and
Economic Freedom Worldwide. They all have real economic value, and are
trading freely on unregulated open markets, and ultimately are beyond the
control of any government or other institution (just like the internet itself).
Centralized fiat money cant do any of this. Its laughable to even compare
money to cryptocurrency. Money is a 5,000 year old, virtually unchanged
technology. If money is a horse-drawn carriage, cryptocurrencies are Air
Force One.
The naive view is of cryptocurrency suggests its a hybrid between money

you can spend, and startup equity that happens to be fully liquid and
tradable. Those on the inside see cryptocurrencies as prions, infecting and
transmuting corporate structure into distributed networks.
Ever wonder what a world without corporations or and without central

government might look like? This is what Bitcoin, cryptocurrencies and the
blockchain are all about. This is why they are so valuable.
Bitcoin
Blockchain
Money
Cryptocurrency
Currency
Rafe Furst
http://www.rafefurst.com/bio
COMMENTS:
Recommended by Rafe Furst (author)
Matthew Slater
Feb 21
You are changing the meaning of words to make it sound like Bitcoin is
something its not.
Intrinsic usually means value as a commodity independently of its value of

money. thats like the value of gold without the gold standard. The value of a
monetised commodity is always greater than the intrinsic value because its
use as money creates extra demand.
This also relates to your use of the word back. Backing refers to the
commodity for which a paper receipt can be redeemed. you can sell bitcoin
for dollars, you can burn bitcoin, but you cant redeem them. Same as fiat
money, they come ex nihilo and circulate in perpetuity.
The cost of production only drives the price of money when money is a
commodity with intrinsic value. Bitcoin has no intrinsic value (although
satoshis have some non-monetary uses) ergo, its price is not driven by the
cost of production. I would argue on the contrary that the cost of production
follows the price of bitcoin, because the higher the price, the more miners
can be supported for it.
You neglect to mention that 97% of so-called fiat money is not issued ex-
nihilo by the government but actually issued by banks as interest bearing
debt. This money has very different qualities to the legal tender on which it
is based.
Fiat money is not unlimited, but issued carefully by the government. Bank
debt money is also limited by the banks risk appetite. All together it adds up
to a growing shortage of money in the global economy.
Im not sure what you mean by utility value. Does it count if I use a bank
note to snort cocaine?
Maybe the real value of bitcoin is that it helps us to imagine a path to a

better world. But that doesnt make it a good currency in economic terms. In
many ways, Bitcoins promise of decentralisation resonates with the
promises of the early internet. Some of those promises are coming true over
decades of social transformation, but other less foreseen things also
preserve the balance of good and evil!
Rafe Furst
Mar 3
This is a great article on the same topic
http://www.coindesk.com/framework-valuing-crypto-tokens/
Timothy Bowden
Feb 22
Im having trouble seeing Production Cost as a value. Consider the sad

sack Spanish explorer hunting for gold in the new world. He duly
slaughtered the natives and forced the survivors to mine for him and pack
his cargo and he sailed for home at the end of three years of labor, and his
cargo, much to his chagrin, was pyrite, the same peiceline as dirt. Like the
Spanish explorer and his monarch, Im looking for the value in Production
Cost.
1 response
>>>
https://decentralize.today/how-to-value-a-crypto-currency-3b22094c59e0
Rusty Nailer Follow
Human
TOP STORIES
1. All the Privacy Tools You Will Ever Need to Stay Safe and
Anonymous Online
2. What Does Google See in You?
3. A n00bs guide to crypto currencies
Main Article Web Page of Rusty Nailer Great list of Articles MUST
READ !!!
Jun 23, 2016

How To Value A Crypto Currency
I dont think Its possible, but we can at least try to break down the risk.
Markets will often make no sense and behave irrationally, much like us
people. Which makes it almost impossible to value a cryto currency based
solely on the features and supply of the coin. Some coins are packed full of
features and are worthless while others with limited features are worth quite
a lot comparatively. There is no formula where you can work out supply x
inflation x features x devs = this.
Which brings us to the question of how to value a crypto coin when the
features and circulation seem to matter little to the markets valuation. So
other factors can be the main driving force of the price on a crypto currency
and features play a much lesser role in trying to figure out if a coin is
over/under valued. And even if you are 100% right about a coin that is
over/under valued it doesnt mean that the market will ever agree with you.
There are just too many variables and market manipulation can be the
biggest problem of them all.
Therefore one of the easiest ways to rate a coin is to find out in which risk
category it might belong in, so excluding all the technical features we can
separate all coins into three risk categories: ICO, Stalled and Ongoing.
1. ICO, IPO, ITO or any coin with a pre sale. These coins can swing up
and down wildly in price, usually because of some shady funding and
they also carry an extra risk that the other two categories dont have. I
have wrote about this problem here
before:https://decentralize.today/how-to-run-a-crypto-coin-scam-
7f83f4ec543b#.uft6sikkz So far this category of coin has always been
bad news for the long term holder but profitable for the people running
them and sometimes very profitable to the early buyers. So they might be
good for a quick flip but rarely if ever have they been good for the long
term holders.
2. Coins where development has stalled. This category covers over 90%
of all crypto coins. A lot of these coin networks are still running fine, they
could even be still on an exchange and the block chain is syncing, but the
problem is they are rudderless. Most of these coins came about because
developers have gone from coin to coin and abandoning them as they
go. Sometimes the coins communities will try and take over after the
developer has left, but this has never worked out well. What usually
happens in this category is a large holder or developer will try and revive
it long enough to unload their bags. These are the most risky of all coin
investments, so its not to say you cant make a buck on these, but I
wouldnt bet the farm on it. New coins also belong in this group until
proven otherwise.
3. Coins with ongoing and proven development. These are the rare
bread of coins where continuous and unique development is taking place
and they will have more than one developer doing all the work. So a good
team is what we are looking for here, as its too easy for one developer to
just walk away. These coins are carving out their own niche and are the
best bet for any long term holding. And as long as development is
continuing, you shouldnt have to stress to much on the current price.
These coins usually will have recognized developers and solid
development over a couple of years. They can be hard to spot in the sea
of scams but they are out there and these are the blue chip coins.
Like I said at the start, its impossible to predict the market value of any
crypto coin but at least we can try to make some sense of the
investment/risk category to help understand if we should buy, sell or how
long to hodl. And obviously if a coin has 1 billion tokens then it would be
valued less than a coin with say 1 million tokens but these calculations
should take place after you have categorized it from the above three
groups.
Now this doesnt take into account of any of the technical differences
between the multitude of coins out there in the wild and sometimes those
technical differences can make all the difference. For instance a coin
wanting to make anonymous payments will have a higher technical
benchmark than a pot coin, but we are still able to categorize all of these
coins into the above three risk categories. And sure it maybe a little
simplistic and there are many factors to consider, but it does give us some
sort of foundation to work with.
Bitcoin
Fintech
Blockchain
Cryptocurrency
Finance
>
https://decentralize.today/how-to-run-a-crypto-coin-scam-7f83f4ec543b
How to run a crypto-coin scam

Make a few million with little to no risk and no coding required.
Start an ICO, ITO, IPO or whatever you want to call it, in fact why not just
call it an IFO (Initial Fools Offering). There are no regulations and you dont
even need a working coin at this stage just the promise of further
development. In any case its not that hard to start your own coin as there
are quite a few coin creation services out there.
Now make a shiny new website with lots of promises of development a nice
road map and some new wiz bang feature preferably with a name that
nobody will understand what it is. Use lots of buzzwords about innovation,
technology and marketing and how you have all the solutions to all the
worlds problems. And most importantly dont forget to create plenty of
sockpuppet accounts supporting your scam on all the bitcoin forums.
Now get together as much money as you can, dont worry there is no risk to
your money as I will show you later. You can even get your friends to join
you, as there is no risk to them as well. To keep the numbers simple lets just
say you and your group have 500k at your disposal to run your scam.
Find an exchange to host your IFO and then launch it. You may have to pay
around 25k to the exchange for the listing. Use your 500k to buy your own
tokens and this will at the same time build hype around the sale by creating
the illusion of demand. Once the IFO period is over you will get your 500k
back plus at least 50k from the suckers who bought into your fools tokens.
So now you are in a situation where you have your money back safely, you
own 90% of the fools tokens and you have 50k profit to play with. So now
you can safely pump the market that you control with your free money and
its possible to go 10x or more the price of the initial offering. Once you think
you have pushed the price as high as you can, then you start to sell off.
Even if you dont push the price up much above the initial price it doesnt
really matter as the fools tokens didnt cost you a penny and its all free
money. And most importantly nobody has a clue what just happened and if
youre clever there wont be any evidence. Rinse and repeat.
Attention: Now I dont want anyone to go out and actually do this. This is
for people to consider before investing in any coin/token Pre-Sale and be
aware that the above scenario is what you are more than likely investing in.
If you want to invest in a crypto-currency (and it can be a lot of fun), then
look for the coins that are not brand new and coins with real developers
and real development and most importantly open source. Its no guarantee
that your investment will be a success, but at least you wont get scammed.
Bitcoin
Blockchain
Cryptocurrency
Fintech
Finance
>
https://decentralize.today/all-the-privacy-tools-you-will-ever-need-to-stay-
safe-and-anonymous-online-2d68d8291af
Rusty NailerFollow
Human
Aug 1, 2016
All the Privacy Tools You Will Ever Need to Stay Safe and Anonymous Online
Your selfies or any other stuff you have on your device or what ever sites
you visit are nobodys concern but yours, so here is my list of over 30 things
to help keep your devices and communications private.
But why is privacy important if I am not doing anything wrong?
Well I am not saying that you would, but if you did a search for spoty dick
cream, do you really want 2000 companies around the globe tracking that
information? Privacy is a human right and if you close your curtains at night,
its because you really do expect some level of privacy.
But let me just quickly start with my favorite quote from Edward Snowden:
Arguing that you dont care about privacy because you have nothing to
hide is no different than saying you dont care about free speech because
you have nothing to say.
So lets get started by closing the curtains and using a VPN. This wont make
you anonymous but will help keep you private. Importantly it should have a
no logging policy and is based outside the US, support OpenVPN, use
encryption as well as accept Bitcoin. Here are only four that I found that fit
the criteria:
https://www.ivpn.net/
https://airvpn.org/
http://www.earthvpn.com/
https://www.frootvpn.com/
For your browser use Firefox: https://www.firefox.com/

or for even better privacy use the Tor
browser:https://www.torproject.org/projects/torbrowser.html
Encryption with: HTTPS Everywhere A Firefox, Chrome, and Opera

extension that encrypts your communications with many major websites,
making your browsing more secure. Its a collaboration between The Tor
Project and the Electronic Frontier Foundation.
https://www.eff.org/https-everywhere
Delete Cookies with: Self-Destructing Cookies Automatically removes

cookies when they are no longer used by open browser tabs. With the
cookies, lingering sessions, as well as information used to spy on you, will
be removed. https://addons.mozilla.org/firefox/addon/self-destructing-
cookies/
Stop tracking with: Disconnect The addon is open source and loads the
pages you go to faster and stops tracking by 2,000+ third-party sites as well
as keeping your searches private.
https://addons.mozilla.org/en-US/firefox/addon/disconnect/
Block Ads with uBlock Origin Unlike AdBlock Plus, uBlock does not allow
so-called acceptable ads. It is also completely open source.
https://addons.mozilla.org/firefox/addon/ublock-origin/
Stop Content Delivery Networks with: Decentraleyes It protects against

tracking through centralized content delivery and prevents a lot of requests
from reaching networks like Google Hosted Libraries. It serves local files to
keep sites from breaking and works with regular content blockers.
https://addons.mozilla.org/firefox/addon/decentraleyes/
Avoid Browser Fingerprinting with: Random Agent Spoofer Rotates
complete browser profiles at any time interval. It includes many extra
privacy enhancing options.
https://addons.mozilla.org/firefox/addon/random-agent-spoofer/
Stay in control with: NoScript Security Suite Highly customizable plugin

to selectively allow Javascript, Java, and Flash to run only on websites you
trust.
https://addons.mozilla.org/firefox/addon/noscript/
Control Content with: Policeman Set rules for sites so you can allow
images and styles, but not scripts and frames for some sites. It can also be
set up to act as a blacklist.
https://addons.mozilla.org/firefox/addon/policeman/
Privacy-Conscious Email Providers are getting harder to find and I only

found a couple that have built in encryption as well as being free and allow
your own domain. (Also not based in the UK or USA)
https://www.protonmail.ch/
https://www.mailfence.com/
Or become Your Own Email Provider with: Mail-in-a-Box. It lets you

become your own mail service provider in a few easy steps. Its sort of like
making your own gmail, but one you control from top to bottom. Mail-in-a-
Box turns a cloud computer into a working mail server. But you dont need
to be a expert to set it up.
https://mailinabox.email/
Email Clients.
Mozilla Thunderbird is a free, open source, cross-platform email, news,
and chat client developed by the Mozilla Foundation. Thunderbird is an
email, newsgroup, news feed, and chat (XMPP, IRC, Twitter) client.
https://mozilla.org/thunderbird
Claws Mail is a free and open source, GTK+-based email and news client.
It offers easy configuration and an abundance of features. It is included with
Gpg4win, an encryption suite for Windows. http://www.claws-mail.org/
When done, use this tool: Email Privacy Tester This will test your email
client for privacy leaks and security bugs.
https://emailprivacytester.com/
Privacy Centric Search Engine: Disconnect Search privately using search

engines: Yahoo, Bing and DuckDuckGo, It masks your IP address, cookies,
and other personal info.
https://search.disconnect.me/
Encrypted Instant Messenger: Threema It encrypts all your

communications end-to-end including messages, group chats, files and
even status messages. Only the intended recipient can read your chats and
nobody else.
https://threema.ch/en
Encrypted Video & Voice Messenger: TOX A free and open-source, peer-
to-peer, encrypted instant messaging and video calling software. The ease
of use is fantastic, I use it regularly and I cant fault it apart from the power
usage.
https://tox.chat/
Encrypted Cloud Storage Services: Cryptmator Free client-side AES

encryption for your cloud files. Its open source software with no backdoors,
and no registration.
https://cryptomator.org/
Secure File Sync Software: Syncthing It replaces proprietary sync and

cloud services with something open, trustworthy and decentralized. You
choose where it is stored, if it is shared with some third party and how its
transmitted over the Internet.
https://syncthing.net/
Password Manager Software: KeePass Its a free open source password
manager to manage your passwords in a secure way. All passwords are in
one database, which is locked with one master key or a key file. The
databases are encrypted using AES and Twofish.
http://keepass.info/download.html
File Encryption Software: VeraCrypt Its a open source freeware utility

used for on-the-fly encryption. It can create a virtual encrypted disk within a
file or encrypt a partition or the entire storage device with pre-boot
authentication. VeraCrypt is a fork of the discontinued TrueCrypt project.
https://veracrypt.codeplex.com/
Decentralized Social Network: Friendica Friendica users can integrate

contacts from Facebook, Twitter, Diaspora, GNU social and App.net into
their social streams, with an emphasis on extensive privacy settings.
http://friendica.com/
Crypto currency: ShadowCash Buy, sell or trade in a truly anonymous

crypto currency. Shadow also comes with built in encrypted end to end chat
as well as the payment system making a truly anonymous market possible.
https://shadowproject.io
Writing tool: ProtectedText Its an open source web application that

encrypts and decrypts text in the browser that is never sent to the serverit
cant be decrypted even if requested by authorities. With no cookies, no
sessions, no registration and no user tracking.
https://www.protectedtext.com/
Operating System: Qubes OS Its an open-source operating system

designed to provide strong security for desktop computing and is based on
the X Window System, and Linux, and can run most Linux applications.
https://www.qubes-os.org/
Live Operating System: Tails Its a live operating system, that starts on
almost any computer from a USB stick, DVD or SD card. Use the Internet
anonymously and circumvent censorship by having Internet connections go
through the Tor network, it will leave no trace on the computer and use
cryptographic tools to encrypt files, emails and instant messaging.
https://tails.boum.org/
Mobile Operating System: CopperheadOS A hardened open-source

operating system based on Android.
https://copperhead.co/
And finally dont use Windows10 and if you are then at least go here:
Destroy Windows Spying http://dws.wzor.net/
or here: https://fix10.isleaked.com/
and here: https://bgr.com/2015/08/05/window-10-privacy-settings-how-to-
stop-spying/
I hope you found this information useful and even if you dont use all of
these tools to be anonymous online, its a good idea to start somewhere one
app at a time.
...
If you liked this, please click on the heart below and help others find it.
Privacy
Fintech
Personal Development
Security
Technology
COMMENTS:
sblasa
Aug 7, 2016
For someone like me who has a Post-It note taped over their laptop camera

dont judge, youve created a great list of privacy tools. Ive been using
Keepass for a few years (which is really a few weeks in internet time). Its
been invaluable to keep my passwords all in one place, especially since I
dont have a dog or pet to use name my passwords after, and I can barely
alone any of my friends.
remember my own cell phone numberlet
Thanks for the the resources! Im going to check out the Friendica tool first
and try it out.
Maybe if I start using these tools, Ill be able to peel off the Post-It off the

laptop camera Well, lets not go crazy hereone step at a time.
3 responses
Rusty Nailer
Aug 7, 2016
I have a sticker covering up my laptop camera. :)
Recommended by Rusty Nailer (author)
Nicolas Zart
Aug 19, 2016
Thanks Rusty for this indepth article. There are things in there I hadnt
heard of. Im thinking about running Haiku on a box, put free bsd as a
demark and all, but your solutions might help design a better hybrid system.
Conversation between Niksa Kmetovic and Rusty Nailer.

Niksa Kmetovic
Aug 8, 2016
Great effort of putting that all together, thanks! Regarding messaging part, I
would strongly recommend Swiss app Wire to cover e2ee by default
solution for all channels. Open sourced too!
Check https://wire.com/privacy/ for details. Use Wire, use Tor! Cheers!
1 response
Rusty Nailer
Aug 8, 2016
Thanks for the link, I will check it out.
Conversation between Rusty Nailer and Mayank Rajani.
Mayank Rajani
Aug 9, 2016
Isnt WhatsApp now end to end encrypted as well?
1 response
Rusty Nailer
Aug 9, 2016
It is. But its not open source, so we cant verify what the software does and
how it does it.
1 response
Mayank Rajani
Aug 9, 2016
True. And by the way, Telegram fits into your criteria as well since thats
open source too.
1 response
Rusty Nailer
Aug 9, 2016
Its hard sometimes to find the best tools. There are many great tools that I
have left of the list, because I just wanted show the best tool in each class.
And that is not always easy to figure out, but Telegram isnt even close to
being top of the list for private communications. imo
1 response
Mayank Rajani
Aug 9, 2016
Okay. I got your point. Thanks for taking the time to reply.
Conversation with Rusty Nailer.
grierg
Aug 7, 2016
Thank you for putting together this great list. Very helpful. I dont know much
about these tools, but a service called Ghostery pops up a lot in articles
online. Curious to know why its not on your list.
1 response
Rusty Nailer
Aug 7, 2016
A quick search for Ghostery shows me that it is owned by Evidon

http://www.evidon.com/ They help companies improve their use of tracking
code by selling them data collected from the millions of Ghostery users.
This is something that I could not recommend.

2 responses
Corina Dumitrescu
Sep 29, 2016
Useful piece, thank you! Heres an article on extreme privacy, if youre

interested in the topic: https://medium.com/@corinadumitrescu1/stop-
sharing-and-start-caring-how-to-disappear-on-and-offline-
c5a4ebef54e6#.9ky7k51pi
Corina Dumitrescu
Sep 29, 2016
Cool & useful piece! Heres an article on extreme privacy, if youre

interested in the topic.
jim pasquale
Jan 16
Download and install digi.me to better control personal data too.
https://get.digi.me
Marie-Claire PEROUX
Jan 11
Thanks for this article. Very inspiring for a jurist in privacy protection.
I recommend Dashlane as a password and secure notes manager, very

easy to use for non technical people.
MClaire
nderground
Sep 29, 2016
Social networks, like Facebook, leak private information from your birthday
to who your friends are and what they write about you.
nderground is a social network built around privacy and security.

nderground is live and you can sign-up now.
We are constantly adding new features. We are currently in the process of

building photo galleries so you can post photos that you share with your
friends, not the entire Internet.
>>>
https://decentralize.today/a-n00bs-guide-to-crypto-currencies-
a449c5a984a5
Rusty NailerFollow
Human
Jun 11, 2016
A n00bs guide to crypto currencies

A crypto currency is purely a digital currencythere are no notes or coins.
Bitcoin is the first example of a crypto currency which is a monetary system
where encryption is used to secure transactions and, in theory, keep
transactions anonymous. Though bitcoin is not the only purely digital
currency, it is the one which has gained the most traction and also being the
first to develop the technology in 2009 by Satoshi Nakamoto that proved
the system can work.
Why is this better than the current way of spending or sending value online?
Trust. To buy something online now you have to give your credit card details
sometimes along with your address and numerous other info to some
website who you have to trust, you also have to trust the 3rd party who
handles the payment gateway for the website. Now you might be able to
trust these services because surely they will not steal your money, but its
not just that- you have to trust how good their systems are that they wont
get hacked while they are storing or transmitting your cc details. Wouldnt it
be good if we could send this money to them without having to trust
anybody? Like sending an email- the protocol handles the email to get
where we want it to go, we just need to trust the protocol. Cryto currencies
are more like a protocol that has rules in place that cant be gamed by any
business, gov or any financial institution.
What is the new technology and why is it so special? The invention of the
Blockchain is the breakthrough which makes it all work. So what is a
blockchain? It is effectively a ledger, just the same as any bank or business
use but with a big difference in that everybody who runs a coin wallet also
has a copy of the ledger using p2p technology.
This way nobody is in charge of the ledger but at the same time everybody
is securing the network and validity of the transactions. Bitcoin has been
considered to be the first decentralized-autonomous-organization. As there
is no person in charge to be controlled by government or other interested
parties. This is what makes cryto currencies very strong as there is no
person or business to pull the plug on, if the powers that be decide they
dont want crypto in their respective countries.
Its worth noting that all transactions from all time are recorded on the
blockchain making it impossible for anyone to cheat as well as leaving a
timeline on all transactions ever made and its impossible to go back and
alter a block on the chain once it has been excepted.
So where are the coins? Well the coins arent anywhere to be precise, all
there is is a ledger and if the blockchain says you have coins in your wallet
then they are spendable and when spent it would then update the
blockchain noting that you have spent your coins.
If coins arent in the wallet then what does a wallet do? A wallet can/will
keep a copy of the latest blockchain. It will push any transactions you make
onto the network and it also holds the private key to your coin address
(public key). Only the persons holding the private key for a crypto address
will be able to spend those coins.
Public key / private key what are they? Your public key is your coin address,
you can pass this out safely to anyone and they are able to deposit funds
into that address and they are able to see all the funds and transactions
ever for that address but they will not be able to access any of the funds. A
private key on the other hand is what is needed to send funds from that
address to any other. So if you lose your private key then you will lose all
the funds for that address. There is no way to recover a lost private key.
Some of the more advanced wallets use HD (Hierarchical Deterministic)
which in a very clever way enable you to just have to remember 12 or 24
words where those words are hashed to create your private key and all
future addresses you create are based off which enables you to restore
your wallet from these words for every address you have ever created.
But where do the coins come from to begin with? Coins are created by
using Proof of work (POW) basically computers compete with one another
to find blocks. When they find a valid block it gets added to the blockchain
and they get a reward for doing so and thus securing the network. On
Bitcoin there is an average of 10 minutes between each block getting found,
if the miners find them quicker then the difficulty is increased, if it starts
taking to long for blocks to be found then the difficulty is decreased until
they average around 10 minutes. Currently with bitcoin if you solve a block
you will be paid 25 bitcoins ($17,500 AU) for the trouble and those bitcoins
are freshly minted with no transaction history. This has enabled the bitcoin
network to become the most powerful network by far, more powerful than all
the worlds supercomputers combined.
Every 4 years there is a halving of the coins created with bitcoin. It started
at 50 coins per block with 25 being the current reward which is set to be
reduced to 12.5 in around July 2016. This will keep halving until for the next
100 years until the max supply of 21 million bitcoins have been produced.
The other major system that seems to be working fine despite the
naysayers is Proof of stake (POS) This system still needs POW to create
the coins in the first place but once all the base coins are created the
system is secured by people running there wallet acting as a node and
getting interest paid on their stake (say3%pa) and thus the network is
secured by the holders of the currency rather than the miners.
Other notable crypto currencies.
Etherium (POS)
A smart contract type system which can be used for governance or

organisation control. This coin has been gaining a lot of exposure and
momemtum lately but it is still not clear what Etherium could do that couldnt
be addapted to Bitcoin or a sidechain in the future.
Dash (POW)
Dash started as Darkcoin by trying to make anonymous transactions before

rebranding to Dash and giving up on being anonymous and focusing on
fast/instant transactions. They still use coin mixing to be anonymous but
there is many problems with this type of system
Monero
The Monero community started Monero as a bytecoin fork as bytecoin used

cryptographic proofs to render the blockchain opaque and a much better
solution to coin mixing for anonymity. However after 2 years they have not
been able to produce a GUI wallet.
ShadowCash (POS)
ShadowCash seems to be the clear leader in the anonymity race as they

based the codebase off of bitcoin, giving them the advantage of using any
advancements made in the largest codebase bitcoin, which enabled
ShadowCash to be one of the first coins to introduce a HD wallet. They
were also the first to implement NIZKP (Non Interactive Zero Knowledge
Proofs) with ring signatures. This gave them a unique system where they
have all the benefits of bitcoin but also where private transactions are
unable to be correlated to anything on the blockchain, similar to Monero.
They hope to release a marketplace very shortly which will be the worlds
first completely decentralised, autonomous, unregulated anonymous
marketplace with built in messaging and payment systems.
I hope you enjoyed reading this introductory guide and if you want to learn
more there is plenty of information out there. And if you havent heard of
bitcoin or crypto currencies before now, then I am sure you will hear plenty
about all this stuff in the future as we start realise all the possibilities with
programmable money.
Bitcoin
Blockchain
Privacy
Technology
Cryptocurrency
COMMENTS:
Recommended by Rusty Nailer (author)
Alberto Montano
Jun 15, 2016
Great article. To be frank, its pretty pathetic that Bitcoin and blockchain
arent getting the attention of more people. I live in the USA and feel like
there arent many people I meet who understand and can appreciate the
value of Bitcoin and the blockchain. It brings me much pleasure to read
articles like this educating the community.
Conversation with Rusty Nailer.
Joel Zachariah
Jun 12, 2016
Im glad that this article was written in a perspertictive for people like me !
Ive always been curious about bitcoins, would you recommend me some
more reading material? Something that is noob friendly :D !
Rusty Nailer
Jun 12, 2016
Unfortunately I dont know of any n00b friendly articles, and that is partly the
reason I wrote it.
>>>
https://decentralize.today/investing-in-cryptocurrency-warren-buffett-style-
30413fcd5f9d
Jon CreasyFollow
The average guy who explains #blockchain.
May 1
TOP STORIES
1. Ethereum is NOT a Cryptocurrency
2. 3 Things You Need to Know About Decred
3. Altcoin is Dead

Investing in CryptocurrencyWarren Buffett Style
My CryptoCompare Portfolio, YTD
Disclaimer: To modify a quote from Tim Ferris, I am NOT a financial

advisor, and none of this advice should be taken without speaking to a
qualified professional first. Also, my results [are most likely] due to pure luck
and zero skill. Butthis is working for me.
Its no secret that Warren Buffett is not a fan of Bitcoin. Its also no secret
that the cryptocurrency investment market is fraught with millennialslooking
to make their fortune. But by applying a few rules learned from studying
Buffett, the cryptocurrency market has made me a 5,982% ROI in just under
a year. How should you adjust your habits to do the same?
Head on over to any popular cryptocurrency exchange and youll find your
stereotypical millennial lounging in a trollbox day trading different crypto.
And who can blame them? The cryptocurrency arena is littered with
overnight rags-to-riches stories to the degree of the lottery with a frequency
that would make most lottery players quit in favor of crypto speculating.
Unfortunately, though, most players of the crypto game will be sorely
disappointed.
Gaming the cryptocurrency market is more insane and just as impossible as

gaming the stock market. While the Dow Jones volatility average
hashistorically stayed around 10-15%, it is not uncommon for the
cryptocurrency market to swing anywhere from 2050%! Day trading, for
most people, is an exercise in insanity. However, I believe there is
substantial money to be made by following legendary investor Warren
Buffetts two rules of investing:
1) Never lose money. 2) Never forget rule #1.
In a market that is extremely volatile, you may ask, how is it possible to

follow these two rules? I believe that, following Buffetts example set in the
1950s, a solid profit can be made from investing in cryptocurrencies.
In 2014 I got into the cryptocurrency day trading scene. It took me less than
a year to get burnt out, after losing a good bit of money. However, I was
fortunate enough to participate in a large airdrop of a particular crypto
(Decred), and instead of selling, I just decided to hold what I had and get
out of the game. This was one of the best financial decisions Ive made to
date. It was some time later I stumbled upon the Buffetts investment
philosophy that I stick to today:
Invest in things you know and believe in, and hold long term.
Buffett made his first $100,000 in about 5 years (between the ages of 21
26) by utilizing this one important strategy. He took the time to get to know
the companies in which he would investin some cases traveling in person
to speak with the leadership. When he was confident that the business was
a good one, he would invest and hold, letting the companys good business
grow his wealth.
Why should investing in cryptocurrency be any different? Although I got out

of the day trading scene in 2015, I stayed involved in the community. I got to
know people, and I saw good business happen. And one day early this year
I woke up to realize the airdrop I had received had grown by 18,066%.
Compounding interest works not only in the stock market, but in the
cryptocurrency market as well. Since my initial success, Ive invested in
several other cryptocurrencies, platforms, and tokens. I was fortunate
enough to have bought a decent share of ETH when it was worth about
$8/ETH. Now its worth $80. I have only profited because I followed Buffetts
example: research, buy, hold.
In addition to learning much of my philosophy from the Oracle of Omaha,

Ive gained practical advice from Tim Ferriss book Tools of Titans. If I cant
answer yes to each of the following questions, I dont invest.
Here are the four questions I ask myself before any investment, adapted
from Tims book:
1. Do I understand the tech?
2. Would I use the tech myself?
3. Do I see other people using this tech in 3 years?

4. Do I have any type of advantage investing in this token? (air drop, 2
for 1, etc.)
These four questions are the start of my research into the state of the
company. Instead of traveling like Buffett to speak to leadership in person, I
join the companys Slack channel. I seek out leaders of the community and
speak with them. In some cases, Ive even been able to have phone
conversations with leadership.
By asking these four questions and following Buffetts two rules of investing,
I have yet to lose money on any cryptocurrency investment. Will that trend
continue? Who knows. It could all crash tomorrow, and I would be ok with
that, because I only invest what I can afford to lose. In the meantime, I will
enjoy watching my 5,982% return on investment compound daily.
Happy investing!
Jon works for AlignedWorks, a Venture Talent Organization in Washington

DC. Enjoyed this article? Click the to help other people find it.
If youd like to start investing in cryptocurrency, the easiest way is

with Coinbase.Check out this link its my referral link and get
started now!
Investing
Bitcoin
Cryptocurrency
Warren Buffett
>
https://decentralize.today/altcoin-is-dead-59e6e39322a5
Altcoin is Dead
Some of you clicked on this article because youre incredulous.
Are you kidding me?! You may be thinking. There are 12 gajillion altcoin
with even more coming! This is a time however, when we need to call
things what they really are, and I believe its time we all admit to this posts
title. Why? 1 simple reason:
Most tokens today dont exist to compete with Bitcoin. They exist to
represent a technology.
As of right now, there is little arguing with the fact that Bitcoin is (at least for
the near future) the powerhouse of digital currencies. When its price began
skyrocketing a few years back, there were hundreds of people who wanted
into the craze. Altcoins and Scamcoins were made to make a quick buck
to be the next Bitcoin. And they all failed.
Recently Ive been perplexed with journalists in the cryptocurrency and
blockchain space. Attracted by Ethereums recent prices, they try to tackle
the cause and effect. But they always seem to refer to it as an altcoin. An
alternative to what? Ethereum is certainly not an alternative to Bitcoin.
Put simply, Bitcoin is a currency. Ethereum is a platform. Bitcoin is made to

be spent and exchanged for goods and services. Ethereum is made to be
built upon. The word altcoin carries enough emotional baggage to be a
junior in highschool. The longer we use the term, the longer adoption by the
general public will take.

There are a few real altcoinsthat is, alternatives to Bitcoin. Coins that
survived the weeding out of scamcoin: coins that actually represent tech
advancement. Im thinking specifically about Decred (if youve never heard
about Decred, here are 3 things you need to know). However, I wonder how
long coins like Decred will be alternatives with Bitcoins upcoming hard fork.

Most people think there will be only two options after the Bitcoin hard fork
either youre in Team BTC or Team BTU. But what if theyre wrong? What if
theres a third team?
What if there was a coin that already exists as the ideal Bitcoin? What if
this coin is a completely decentralized digital currency? There is no
oligarchy controlling the price, the community is truly in control, and what if,
as an added bonus, it was developed by a few of the original Bitcoin
developers?
That coin exists in Decred.
I think that Bitcoin fans and aficionados will wake up someday soon and
wonder why they thought BTC and BTU were the only options. People are

already waking up to Decredthe price has jumped over $10 in the past
few days.
Nothing is certain in cryptocurrency, but I am certain of one thing. Bitcoin is

in trouble, and a real altcoin may be the answer.
Jon works for AlignedWorks, a Venture Talent Organization in Washington
DC. Enjoyed this article? Click the to help other people find it. If
youd like to start investing in cryptocurrency, the easiest way is with
Coinbase.Check out this linkits
my referral linkand
get started now!
Bitcoin
Blockchain
Decred
Hard Fork
Ethereum
>>>

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APR 13, 2016 @ 09:00 AM 10,649

Making payments awesome as Co-Founder & CTO at Due.com.

Unlike traditional currency, determining the value of cryptocurrency and

Venzen Khaosan explains on CryptoCoinsNews: Bitcoins value is a

How to Value Bitcoins

The value of bitcoins can be determined in different ways. For example,

There is also significant design value in using them as currency, secure

For example, if a coin doesnt have enough storage capacity to hold

Using bitcoin means looking at currency in an entirely different way. To

The Future of Cryptocurrencies

Cryptocurrency is on the verge of going mainstream. Because of this,

I am personally excited for the future of cryptocurrencies and blockchain

Isaac Arruebarrena, worked at Santander

Currently crypto-currency markets are quite illiquid, even bitcoin markets.

Based on what does the price go up or down? I would say it is based on

Matt deCourcelle, Early Bitcoin Adopter and Cryptocurrency Evangelist

What is a good "Bitcoin for dummies" summary? Check my answer in there

Aryeh Friedman, LeadDeveloper, PetiteCloud/ThinStorm

Michael Hayter, has bitcoins

What is a good "Bitcoin for dummies" summary?

I'm looking for a "Bitcoins for dummies" summary.

Matt deCourcelle, Early Bitcoin Adopter and Cryptocurrency Evangelist

Bitcoin for Dummies

Bitcoin is a form of currency, known as a cryptocurrency, which is similar to

Bitcoin should be thought of in layers since it offers much more than

Where do Bitcoins come from?

Bitcoins are created out of thin-air through an open-source computer

Lottery meaning that your computer is basically trying to decipher a a

How do Bitcoins work?

Bitcoins operates on a open transaction ledger called the 'Blockchain'. All

How are Bitcoins stored?

online wallet provider

Bitcoins are stored on the blockchain so they're essentially like cloud

How do Bitcoins have a real world value?

Why are people investing so much money into Bitcoin?

Whomever Satoshi Nakamoto is, theyre a freaking genius and a

Where can I buy Bitcoins?

Originally shared on:

Daniel Fernandes, EE PhD Student at Stanford University

When you download the standard Bitcoin.org application, there is an option

It also tells about the transaction being permanently and anonmyously

If you have any other questions, use the bitcoin wiki:

or join the #bitcoin IRC on freenode.

Harjeet Taggar, http://harjtaggar.com

Henrique Cruz, Product Mgmt at Talkdesk, Contributor at BetaGlyph

1) What are bitcoins?

Recent history of the Bitcoin market price

3) How to get started

If you are selling a good, you can accept bitcoins as a form of

Thanks for this very helpful explanation about Bitcoin.

Upvote Downvote Report Feb 21, 2016

Upvote Downvote Report Feb 21, 2016

Terrence Yang, Investor in PurseIO, Coin Hako & cryptocurrency startup

Bit coin is one kind of E-cuurency.....Bitcoin is an open source, peer-to-

Aravind Madenur, Quora User # 5523423

b) Historically Currencies have been backed by Gold. Bitcoins are backed

c) Bitcoins are accepted as currency at various websites.

d) Bitcoin mining is not a joke. Powerful processors are necessary for

f) In March 2013, FinCEN issued regulation pertaining to the use and

h) Bitcoins can be a great medium for money laundering, accepting money

i) Unlike most currencies, BTC is not backed by the faith in any

How to Get Bitcoins