Coinapult

340 BTC

October, 2011 was when I first heard about Bitcoin. A friend excitedly told me about it, that the price had crashed, that it could be 'mined', and that it could be purchased on exchanges. He didn't own any, but he found it interesting, and so did I. I was instantly interested in acquiring some coins. That the price had 'crashed' meant a buying opportunity, and I further saw it as evidence that the system was somehow free, and had a life of its own. I did not purchase any right away, regretfully, since the coins were about $3 each. I did do some initial research, calculating mining profitability, and looking into the process for buying coins on MtGox. I also read about the thefts and hacks. I found it intuitive these incidents were matters of endpoint-security, and not reflective of a systemic weakness. Yet I would have much to learn if I was to avoid becoming a victim. I continued to casually follow Bitcoin developments, and occasionally checked the price.
Eight months later I came across a Timothy B. Lee article in Forbes that detailed the Bitcoin Richlist. It was my catalyst. It was time for a technical deep dive, time to understand what gave people the confidence to entrust millions of dollars of value to the system. Of everything I read that day, it wasn't the proof-of-work that seemed revolutionary, but simply the fact that a lost private key meant the coins would be irrecoverable. That signified Bitcoin put true and total control of money into the hands of users, and for that it was different and worthwhile. I decided to invest. All that was left was working out the mechanics of the transaction. And security. I was determined to not fall victim to a hack. An offline, paper wallet seemed like the easy choice. The price was in the $6 - $7 range.
My first purchase went though MoneyGram and Coinapult, with MtGox as my receiving wallet. I put in $150, and got out $130 worth of coins. The price had surged in the few days since I decided to buy, to slightly under $10 per coin. I transferred the coins off of MtGox and onto my paper wallet, and it all felt very real! I wanted to buy more, and settled on CoinFloor to avoid the hefty fees I paid the first time. CoinFloor also allowed for instant fiat funding via a deposit at a bank teller window. Depositing $900 directly into a bank account was not without risk, but CoinFloor came through and the money was credited within 5 minutes. It all went flawlessly, and soon with my 100 coins spread out over a few different paper wallets, I could rest easy, without fear of a hack.
Edit - I meant BitFloor, not CoinFloor
I occasionally checked the price, tested out Satoshi Dice, and read a little more on the technical underpinnings, but other than that, I mostly forgot about my Bitcoin investment for the next 6 months. Then, in early 2013, I read about a few seed rounds in Bitcoin startups, and I saw pictures of a Bitcoin booth at the CES is Las Vegas. Somehow that booth, with the Bitcoin logo, made it all seem even more legitimate. The price had climbed into the $14 - $15 range, and I wanted more coin. CoinFloor had been hacked and was out of commission. This time I would use the Dwolla to MtGox method of funding. I found myself seriously regretting not having done Gox's verification the previous summer, as the price quickly climbed while I waited. When my verification finally cleared, the price had shot up to $19, and I transferred in several thousand dollars and bought another ~150 coins. Over the next few months I kept buying until the price crossed $100 per coin. In total, I had put in about $10,000 for 340 coins. I worked part-time, with an annual income of about $25,000, so that $10,000 felt substantial.
The rise to $266 was exhilarating, as was the following surge to $1242. I mostly held, but sometimes tried to time the market with a small position (always 10% of holdings or less). I sold some coins the first time Bitcoin passed the $400 mark to recoup my initial investment, and I arbitraged when it was profitable. I lost a then-painful amount of fiat on MtGox, but not any coins. I held tight during the long bear market, with absolute confidence that the price would find a non-zero bottom, and it would only be up from there. The ecosystem was growing, the technology was maturing, and investment money was pouring in, and yet the price continued to decline. I would have loved to buy more, but doing so would have been truly irresponsible from a diversification perspective.
I have largely stayed away alt-coins, but I did mine-and-dump those I found annoying, and mined and held the one that I found interesting - Ethereum. I reluctantly pushed some BTC into Ethereum early this year, which turned out to be a good move. In total, over the past 5 years, I have returned about 200x on my initial investment, in the current form of about 250 BTC, about 700 ETH and approximately $300k of other liquid assets. The result is almost identical to a pure buy-and-hold from the beginning, but I felt the need to hedge as valuations changed over time. I feel no pressure to sell more coins, though I probably would convert a few in the $20k-$40k range, prices which I have long seen as likely, if not inevitable.
I am in my early 30's. Ask Me Anything! Though I might only have time to answer a few…
submitted by ThrowAway_OfCourses to Bitcoin [link] [comments]

Top 10 crypto leaders and influencers you should follow

Vitalik Buterin
It is no surprise to see that Vitalik Buterin, the co-founder of Ethereum is at the top of the cryptocurrency influencers leader board. With a massive following of 828K, he is known to have a very open opinion on the industry. He is the genius behind the world’s third largest coin and is also the co-founder of bitcoin magazine. He is currently the Chief Scientist of the Ethereum Foundation where he works on the future visions of the Ethereum protocol.
Charlie Lee
Second on our list is Charlie Lee, the creator of Litecoin, and cryptocurrency enthusiast. He is the managing director of the Litecoin Foundation and has an astounding 801K followers on twitter. He entered the world of crypto by getting into bitcoin mining- along with many others. He has worked for many industry leading companies including Google and Coinbase.
Nick Szabo
A major influencer in Bitcoin is Nick Szabo, his expertise in cryptocurrency started when he created BitGold the predecessor of Bitcoin. Even though Szabo has denied the claim numerous times, people still speculate whether he is Satoshi Nakamoto, the anonymous creator of Bitcoin. He is also known as the ‘father’ of smart contracts and he is always contributing to the crypto industry with his knowledge and experience.
Roger Ver
Roger Ver was the world’s first investor in Bitcoin startups and the blockchain industry. He runs the popular wallet and news resource, Bitcoin.com and he is known as a legend in the Bitcoin Cash community. Also known as the ‘Bitcoin Jesus’ Roger is a self-educated enthusiasts who invests in numerous Bitcoin startups.
Andreas M. Antonopoulos
Known as one of the greatest bitcoin advocates, Andreas has a large twitter following of 462K where his opinions are regarding highly. He is a distributed systems expert and frequent speaker at cryptocurrency and blockchain events. He is a bitcoin evangelist and author of the well known book ‘Mastering Bitcoin’. We’re now half way through our cryptocurrency influencers list.
Erik Voorhees
Erik Tristan Voorhees is co-founder of Coinapult and founder of Satoshi Dice. He is also the creator and CEO of crypto exchange ShapeShift.io. His popular blog bio states he is “among the top-recognized serial Bitcoin advocates and entrepreneurs, understanding Bitcoin as one of the most important inventions ever created by humanity. Erik’s former project, the groundbreaking gaming phenomenon SatoshiDICE, was, at its peak, responsible for more than half of all Bitcoin transactions on Earth.”
Brian Armstrong
Brian Armstong is co-founder & CEO at Coinbase which was founded in 2012. Coinbase is a digital currency wallet and one of the largest cryptocurrency exchanges where users can buy and sell Bitcoin and alt coins. He is also co-founder of GiveCrypto which is a non-profit helping people living in poverty by distributing cryptocurrency.
Brad Garlinghouse
Brad Garlinghouse is the CEO at Ripple which provides “one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.”
Jameson Lopp
Professional Cypherpunk, CTO at Casa and creator of Statoshi.info. According to his popular blog he “enjoys building technology that empowers individuals. At the moment, he’s most interested in opportunities within the Bitcoin and crypto asset ecosystem. He is passionate about sharing his knowledge with others and is receptive to interviews and speaking engagements.”
Max Keiser
Timothy Maxwell “Max” Keiser is an American broadcaster and film maker. He hosts Keiser Report, a financial program broadcast on Russian state media channel RT that features heterodox economics theories. He is also partner in crypto VC fund Heisenberg Capital. Max completes our cryptocurrency influencers Top 10.
by Emma Thompson
submitted by jewelpay to u/jewelpay [link] [comments]

Who benefits from catastrophic consensus failure?

Catastrophic consensus failure is when a blockchain hard fork occurs but mining continues on the original chain.
Because the change to the protocol causing the hardfork isn't recognized by clients on the original chain, it doesn't matter if the original chain has less hashing activity than the hard fork (big blocks) side. It can keep on being mined indefinitely.
The reason miners would continue mining the original chain is because there are buyers for their newly mined bitcoins. This situation might last only for a short period of time before the market concludes that one side or the other will be the sole survivor, or this situation may persist indefinitely if the market is OK with that outcome.
So, for at least a period of time there will be this situation where there is a market for post-fork bitcoins generated on the original chain and also a market for the post-fork coins generated on the the side with the change to the protocol (e.g., with the big blocks). Of course, these two will have different exchange rates.
Now, what happens is that there are some who will benefit from this situation (of there being a market for coins on each side of the hard fork).
For instance, let's consider custodial wallet services and exchanges. They hold customer balances from deposits that were made prior to the hard fork. What happens after the fork? Do these services simply conclude that the "hard fork", being the longest chain, is what they now solely use? If so, customers get shortchanged since they had deposited pre-fork bitcoins that can be spent independently on both chains but now they get to sell or withdraw only on the hard fork side. The custodial wallet service though is the party that holds the pre-fork coins and can trade them (after tainting them) on the original chain for their own financial gain.
So any custodial wallet service (Coinapult, Circle, Coinbase, etc.) and exchange (BItSTAMP, OKCoin, BTC China, Kraken, itBit, etc.) definitely benefits from catastrophic consensus failure.
Are there any others that do benefit from this situation?
Well, there's the potential scenario where hashing capacity returns to mining the original chain and that side regains "longest chain" status. This causes a block reorg and the hard fork side disappears as if it had never happened -- confirmed transactions and all.
In that scenario, there are many, many who benefit. For instance, a speculator who was short could have taken pre-fork coins, tainted them with newly mined coin from the fork, and used that to cover the short. After the block reorg, this speculator would still have the bitcoins that will confirm in transactions on the original chain. Borrowers also have this opportunity to repay with tainted coin, then still retain those bitcoins that will confirm in transactions on the original chain.
Certainly there are others that benefit from catastrophic consensus failure. What are some more of these?
submitted by sgornick to Bitcoin [link] [comments]

Custodial wallet users gated, just waiting to be slaughtered

Coinbase alone claims 3 million users: http://reddit.com/Bitcoin/comments/3ye8zv
Even if only 1/3rd of them hold a balance, that means if suddenly half of the block space was to be consumed by Coinbase withdrawals, it would still take several days for all 1 million user's withdrawal requests to be processed (due to block size restriction).
Then add all the block space demand for withdrawals from each exchange (e.g., BitStamp, BitFinex, OKCoin, Huobi, BTC China, BTC-E, Kraken, ITBit, etc.) and custodial wallet (e.g., Coinapult, Circle, Coinbase, Xapo, etc.) and you have a traffic jam miles and miles long.
What withdrawals, you might ask?
The withdrawals from users when they realize that their coins are held in an exchange or wallet service that won't be sharing the "failed hard fork dividend" with them. What's the "failed hard fork dividend"?
A successful hard fork is one where essentially all mining on the original chain ceases. If, after the big blocks hard fork begins, there is mining that continues on the original chain (even if it is just 15% of the pre-fork hashing capacity) then that is the definition of a "failed hard fork". When this happens, pre-fork bitcoins are spendable on both the original chain as well as being spendable on the hard fork chain.
The "failed hard fork dividend" then is the ability to realize the purchasing power from spending (independently) on both chains.
So if a BTC (bitcoin / original chain) fetches $100, and a BTX (Bitcoin-XT coin / big blocks chain) fetches $250, those who hold pre-fork bitcoins themselves can take some action (tainting of their coins) allowing them to spend the pre-fork bitcoins on both chains and realize the $350 of their pre-fork bitcoin's purchasing power.
But if that user had that pre-fork bitcoin with a custodial wallet or exchange, it is likely that a big blocks hard fork would result in those services simply substituting the hard fork coin for the user's bitcoin balance. If that happens, then the user only gets the purchasing power of that one coin (e.g., $250, using the price guesstimate for a BTX given in the paragraph above).
But that remaining $100 doesn't disappear. It can be realized by the custodial wallet service. Those custodial services still have those bitcoins that can be used in transactions on the original chain (presuming they took the action to taint their pre-fork bitcoins such that they can be spent independently from the BTXs/big block fork coins).
Even if these custodial services give a "two week notice" (at the point that the 75% mining threshold on Bitcoin-XT occurs), it just isn't anywhere near enough time for most users to get their withdrawal transactions into the remaining block space before the two weeks is up and the user's withdrawal request is honored with BTXs (big block/hard fork coins).
This isn't some warning about some distant future condition. The hard fork could happen [Edit: in a few weeks, if starting now 75% of the hashing ends up on BItcoin-XT.]
Are people who use a custodial wallet service aware that they lose this "failed hard fork dividend"?
submitted by sgornick to Bitcoin [link] [comments]

[ACTUAL SHILLING] Let's see who's defending Uphold over in /r/bitcoin.

So there's this company, Uphold, which basically made up most of their balance sheet by introducing a 100% premined cryptocurrency, Voxel.
They claim to operate as a full reserve, but the nature of their assets doesn't match the nature of their liabilities. If you remove all Voxel assets and obligations, there's a negative balance. Note that this is according to the balance sheet they publish themselves which is not audited in any way (they don't even publish their BTC addresses and provide signed messages).
Just three days after it was on /buttcoin, /bitcoin noticed it too. In that thread, several people defended Uphold. Let's have a look at them.
There's bittyboyboo with this comment:
OP is a Redditor for 12 hours, but sounds like a long-time and serious Uphold hater. Wonder why?
Uphold is an awesome service and I use it to move money from my UK bank account to my UH wallet to buy BTC. They are the cheapest and easiest way to buy and sell BTC that I've found. What's cheaper than free? What's faster than instant?
There's enough legit Garza/Gox action in cryptoland without bad-mouthing the only company that publishes what they are doing in real-time. OP--you sound like the insolvent (and butthurt) scammer.
The user history shows just three other comments, one hating on Cryptsy, one recommending another service, airtm.io, and, one month ago, a recommendation of Uphold.
Now you might say, okay, so this guy is just a satisfied customer who doesn't like to post a lot.
So let's go over to bitgoldtruth with this comment:
OP is way off and sounds like he's a competitor spreading FUD.
Uphold is centralized, so I don't use them, but they are legit and have become a very important part of the BTC ecosystem.
I've looked a the Voxel (VOX) as a potential scam (because that's what I like to do)-- see my previous posting history about Paycoin, Bitgold, etc.
Voxel is a pre-mine, but it does have a very specific real-world use-case-- the purchase of content on Voxelus.com.
UH puts it all out there on their transparency page, which is the only reason OP could do this analysis. I applaud that transparency.
TL;DR: Voxel not a scamcoin, Uphold is solvent and the only financial service in the world that I know of that is 100% transparent in real-time. Instead of bashing UH, why not demand that Circle and Coinbase and Bitstamp also implement real-time transparency.
You might not like their management, but there is no denying that they benefit BTC by offering an excellent and innovative service.
Again-- I don't like them and don't use them, but let's save cries of insolvency and scamcoin for the company's that deserve it. I've been guilty of this myself and now am much more careful. There's plenty of bad guys in this space, but UH is not one of them.
Looking at their posting history, you see them defending Uphold with an almost identical post three days ago, defending Uphold two months ago, calling Bitreserve (the old name of Uphold) legit eleven months ago and hating on Cryptsy. Also, they seem really sold on the idea that Bitgold, a competitor to and one-time opponent in court of Uphold, is a scam. (1, 2, 3, 4, 5, 6, 7, 8, 9, 10)
Well, you say, that's just a guy with a strong opinion, isn't it?
Let's go over to CaptainCloudMoney, who brought us this comment:
OP is full of BS.
Uphold is demonstrably solvent if you know how to do math.
The only reason OP can pretend to do the math is Uphold publishes a real-time accounting of their assets and liabilities.
I'm a long-time UH supporter and investor and they just keep getting better and better. The market values innovation and UH is by far the most innovative company in the fintech/crypto space.
And for the record-- I'm long voxels because it's a bet on the future of virtual reality, which I have little doubt will do to video what video did to radio.
Uphold FTW!
Now if you go through their comment history, it's basically one big Uphold advertisement, and before that, one big Bitreserve advertisement (as you remember, the old name of Uphold). I won't go into detail here because it's really that obvious, but note that they're also plugging airtm.io (and again), just like our four-comment friend bittyboyboo did.
Well then. I think we can close the case now, Uphold is just a great company with a lot of satisfied users who all love Uphold and will defend it by attacking anybody who posts something against them. There is absolutely no foul play going on here.
submitted by Mark_Karpeles_ to Buttcoin [link] [comments]

[uncensored-r/Bitcoin] 340 BTC

The following post by ThrowAway_OfCourses is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/79d20u
The original post's content was as follows:
October, 2011 was when I first heard about Bitcoin. A friend excitedly told me about it, that the price had crashed, that it could be 'mined', and that it could be purchased on exchanges. He didn't own any, but he found it interesting, and so did I. I was instantly interested in acquiring some coins. That the price had 'crashed' meant a buying opportunity, and I further saw it as evidence that the system was somehow free, and had a life of its own. I did not purchase any right away, regretfully, since the coins were about $3 each. I did do some initial research, calculating mining profitability, and looking into the process for buying coins on MtGox. I also read about the thefts and hacks. I found it intuitive these incidents were matters of endpoint-security, and not reflective of a systemic weakness. Yet I would have much to learn if I was to avoid becoming a victim. I continued to casually follow Bitcoin developments, and occasionally checked the price.
Eight months later I came across a Timothy B. Lee article in Forbes that detailed the Bitcoin Richlist. It was my catalyst. It was time for a technical deep dive, time to understand what gave people the confidence to entrust millions of dollars of value to the system. Of everything I read that day, it wasn't the proof-of-work that seemed revolutionary, but simply the fact that a lost private key meant the coins would be irrecoverable. That signified Bitcoin put true and total control of money into the hands of users, and for that it was different and worthwhile. I decided to invest. All that was left was working out the mechanics of the transaction. And security. I was determined to not fall victim to a hack. An offline, paper wallet seemed like the easy choice. The price was in the $6 - $7 range.
My first purchase went though MoneyGram and Coinapult, with MtGox as my receiving wallet. I put in $150, and got out $130 worth of coins. The price had surged in the few days since I decided to buy, to slightly under $10 per coin. I transferred the coins off of MtGox and onto my paper wallet, and it all felt very real! I wanted to buy more, and settled on CoinFloor to avoid the hefty fees I paid the first time. CoinFloor also allowed for instant fiat funding via a deposit at a bank teller window. Depositing $900 directly into a bank account was not without risk, but CoinFloor came through and the money was credited within 5 minutes. It all went flawlessly, and soon with my 100 coins spread out over a few different paper wallets, I could rest easy, without fear of a hack.
I occasionally checked the price, tested out Satoshi Dice, and read a little more on the technical underpinnings, but other than that, I mostly forgot about my Bitcoin investment for the next 6 months. Then, in early 2013, I read about a few seed rounds in Bitcoin startups, and I saw pictures of a Bitcoin booth at the CES is Las Vegas. Somehow that booth, with the Bitcoin logo, made it all seem even more legitimate. The price had climbed into the $14 - $15 range, and I wanted more coin. CoinFloor had been hacked and was out of commission. This time I would use the Dwolla to MtGox method of funding. I found myself seriously regretting not having done Gox's verification the previous summer, as the price quickly climbed while I waited. When my verification finally cleared, the price had shot up to $19, and I transferred in several thousand dollars and bought another ~150 coins. Over the next few months I kept buying until the price crossed $100 per coin. In total, I had put in about $10,000 for 340 coins. I worked part-time, with an annual income of about $25,000, so that $10,000 felt substantial.
The rise to $266 was exhilarating, as was the following surge to $1242. I mostly held, but sometimes tried to time the market with a small position (always 10% of holdings or less). I sold some coins the first time Bitcoin passed the $400 mark to recoup my initial investment, and I arbitraged when it was profitable. I lost a then-painful amount of fiat on MtGox, but not any coins. I held tight during the long bear market, with absolute confidence that the price would find a non-zero bottom, and it would only be up from there. The ecosystem was growing, the technology was maturing, and investment money was pouring in, and yet the price continued to decline. I would have loved to buy more, but doing so would have been truly irresponsible from a diversification perspective.
I have largely stayed away alt-coins, but I did mine-and-dump those I found annoying, and mined and held the one that I found interesting - Ethereum. I reluctantly pushed some BTC into Ethereum early this year, which turned out to be a good move. In total, over the past 5 years, I have returned about 200x on my initial investment, in the current form of about 250 BTC, about 700 ETH and approximately $300k of other liquid assets. The result is almost identical to a pure buy-and-hold from the beginning, but I felt the need to hedge as valuations changed over time. I feel no pressure to sell more coins, though I probably would convert a few in the $20k-$40k range, prices which I have long seen as likely, if not inevitable.
I am in my early 30's. Ask Me Anything! Though I might only have time to answer a few…
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

[For Hire] [Partner] Team of 5 Developers available.

My team of 5 developers in Costa Rica is available Feb 1 and we are eager to shift gears and work on project(s) in the bitcoin space.
A little about us...
Our company is Open Source Consulting, S.A, operating in Costa Rica since 2005.
We are skilled in all things PHP/LAMP/JS/CSS, and our latest project was built with Node.js + Angular. We can adapt to any technology/language you are using.
We've worked with Coinapult and Bitgo, and contributed to their efforts.
We took 3rd place at Bithack 2015 (Silicon Valley Job Fair Bitcoin Hackathon) last year, with a fun entry called SuperMarioBits that integrated Bitcoin into Super Mario Bros, payable via ChangeTip.
My personal best-known contribution to internet development was when I authored the RSS specification many years ago at Netscape. I also developed PHP's XML-RPC extension way back when and wrote an early PHP implementation of OpenID.
The last few years, Bitcoin has become a passion of mine and I've worked on several hobby projects, eg: + an altcoin exchange. ( never released ) + bitprices -- a wallet price history accounting tool. + hd-wallet-addrs -- an HD wallet discovery tool + mybitprices.info -- a web frontend to these tools + minor patches to bitcoin-core for my own use. + contributions to btcd full-node ( accepted ) + a patch to speed up queries in toshi. + an altcoin portfolio tracker for personal use + various mining scripts, utilities, etc.
I would be happy to lend my passion, expertise and leadership abilities, along with our development staff to your bitcoin related project.
U.S. companies will find our rates very attractive compared to hiring full-time staff locally.
Interested parties, please contact [email protected]
submitted by danda to Jobs4Bitcoins [link] [comments]

March 19th, 2013 - /r/Bitcoin. Currency of the future, today!

Submitted by None

/Bitcoin

19,294 readers for 2 years!
We were all promised things in the 80s and early 90s, both by Hollywood and our government (United States). One of those things was a digital currency. We got credit. Fuck that, I want a digital currency, and I want it now!
"But Xavier, we do have a digital currency!"
Wait, what?
"Yeah, it's called bitcoin!"
Hell yeah.
Bitcoin is all I wanted and more from a digital currency. It's simple, and the learning curve is relatively nice. It's growing on retailers, and can already be used to order many physical goods. The bitcoin community is nice and helpful, willing to answer even my stupidest of questions. /Bitcoin specifically has given me quite a lot to think about these past couple months, and a lot of good reading material. Love's such an old fashioned word, but I'm willing to care for this economy at the edge of the night. I firmly believe that bitcoin is the future, and the people at /bitcoin are pulling it ever closer. From all the fantastic guides on mining to the incredible charity, its users have had an awesome effect on the world.
Before we get to the wonderful interview portion, I thought I would do something new here at Subreddit of the Day. In full embrace of both the bitcoin spirit and to see what effects it may have on the comments section, I have enabled the /BitcoinTip bot on /SubredditOfTheDay. We have some good comments here, and it'd be cool to reward people with something a little more useful than reddit gold. I suggest you check out that subreddit for the relevant info.
Today we have some special guests from the bitcoin community, but I'll let them speak for themselves. Without further ado, the interview.

1. First off, tell me a bit about yourselves, everybody.

Theymos I am a 21-year-old computer science student from Wisconsin. I am the most senior moderator of /Bitcoin and the head administrator of bitcointalk.org. I created the first Bitcoin Block Explorer, blockexplorer.com, though I don't run it anymore.
Jon Matonis I am an e-Money researcher and crypto economist covering the Bitcoin economy for Forbes Magazine and American Banker.
Evoorhees My name is Erik, but I'm known as evoorhees in the Bitcoin world. I work for several Bitcoin projects - namely BitInstant and Coinapult are my "day jobs" and I'm also involved with the notorious SatoshiDice.com, which is the most popular Bitcoin game in the world. My academic background is in monetary economics (which I learned entirely after my "formal" college education) and by trade I'm a writing, marketing, and brand development guy. Most people in the Bitcoin community probably first hear about me from the paper I wrote last year: Bitcoin - The Libertarian Introduction. I'm an American but have recently left the country because it is far too socialist for my liking.

2. How did you first discover bitcoin?

Theymos I first heard about Bitcoin in February of 2010 via a post on 4chan. I've always had a great interest in distributed systems, so reading bitcoin.org and Satoshi's paper really got me interested, and I started following Bitcoin very closely.
Jon Matonis I first discovered Bitcoin through my research into digital cash and virtual currencies. Satoshi had contacted me directly because of my economics blog and asked me to take a studied look at the cryptocurrency.
Evoorhees In May 2011 I saw a Facebook post from a friend, which said something like, "This digital currency gained 20,000% in the last six months". I clicked the link and upon reading about it, immediately though, "wow this is the stupidest thing ever... made up internet money... obviously a scam or bubble or some other nonsense." However, my curiosity pulled me further, and after about an hour of reading various articles about Bitcoin, I had a very clear epiphany that this was the most important thing I had ever come across, that it would change the world and that I needed to help it do so. I spent the next few days with little sleep, eating Cheerios, ignoring my girlfriend, and basically absorbing every word that had been written about Bitcoin. I was hooked. I had fallen down the rabbit hole, and am still way down here.

3. In your own words, how would you describe bitcoin to someone who has never heard of it before?

Theymos Bitcoin is a currency like dollars, but instead of relying on the US government to print dollars appropriately and protect against counterfeiting, it uses strong cryptography and a peer-to-peer network to accomplish these same tasks. There is no organization or government with control over Bitcoin. Bitcoin is designed so that you have exclusive control over your money, not politicians, developers, or even the majority of users. Bitcoin is also a payment processing system which allows you to cheaply and quickly send bitcoins to other people. Using Bitcoin, I could securely send $100,000 in bitcoins from the US to China in ~10 minutes while paying less than $0.10 in transaction fees, and this transaction would be more non-reversible than even a wire transfer.
Jon Matonis To the uninitiated, I would describe bitcoin as digital gold except that it depends on mathematical properties rather than chemical properties.
Evoorhees Bitcoin is one of mankind's greatest inventions. It is a form of money superior to all others. It is a grand experiment, and if it succeeds will remove the monopoly power of money away from governments and put it in the hands of individuals. Bitcoin is the privatization of money, not through "popular vote" or political courtesy, but wrested from the State through the beneficence of technology. If Bitcoin is successful, it will change not only how money works, but society itself - freeing people, empowering them, and providing a means of individual protection. Bitcoin is the antidote to a century of misguided central planning in the realm of money.

4. Where do you see the future of bitcoin in 5 years? 10? 20?

Theymos Satoshi Nakamoto, the founder of Bitcoin, said, "I'm sure that in 20 years there will either be very large transaction volume or no volume." Bitcoin is an extremely powerful technology with the potential to change the world. I think that Bitcoin is likely to grow substantially in 5-10 years, though there are a number of potential challenges that could slow Bitcoin's growth. For example, governments could severely regulate companies that let you buy bitcoins. In 20 years, Bitcoin could be bigger than many government-issued currencies, but I also wouldn't be all that surprised if Bitcoin is replaced by something that is better than Bitcoin in all ways (maybe using quantum cryptography). Bitcoin is the first system of its kind, so anything could happen.
Jon Matonis In 5 years, I see bitcoin as pervasive as Skype but still only prevalent in certain pockets of society as Skype is today. I don't predict bitcoin exchange rates.
In 10 years, bitcoin will begin to have so many apps and services built around it that a few killer apps will make it a necessity for many people and it will become an acceptable asset class for investors.
In 20 years, small to medium size countries will be incorporating bitcoin reserves into their reserve portfolios and countries will be experimenting with currency issuance that depends on full and/or partial bitcoin backing. Countries will also be competing as to which one provides the best competitive jurisdictional environment for cryptocurrencies.
Evoorhees Well in 20 years, Bitcoin (or something very similar to it) will either have become the dominant formear of money and payment or it will have failed and gone away. The latter is highly unlikely though, because the only thing which will cause Bitcoin to really fail at this stage is if something superior comes along, in which case all the benefits of Bitcoin are still realized.
In five years, I expect the market cap of Bitcoin will have grown from its current $500m USD to the realm of $20-100b USD. At this stage, use will be widespread but not yet ubiquitous. Governments will be struggling to "manage" the growth of the technology and its vast implications. In five years, Bitcoin will be almost as old as the euro is today, and I'd bet considerable money that its record of performance will be superior.

5. Thanks everybody. Anything else you'd like to say to the world?

Theymos Read the sidebar of /Bitcoin for instructions on how to get started and more info about Bitcoin. I will answer questions about Bitcoin in this comment section.
Jon Matonis I would like to add that many people are familiar with BitTorrents and how they have caused disruptive problems in the copyright world today with very little method of recourse from the authorities. Well, those same types of disruptive problems will be seen in the world of legal tender due to bearer digital cash such as bitcoin. This has profound implications for the advancement of liberty.
Evoorhees If you care about the future of humanity, Bitcoin is the most important social project currently in existence. Where governments and organizations around the world are busy naively fighting the symptoms of a rotten and decrepit financial system, Bitcoin makes such efforts redundant and futile - for it solves the core problems itself. It will disrupt everything, and even if you don't care to get involved in using or developing it further, you owe it to yourself to learn about it.
Bitcoin is absolutely fascinating and the most exciting thing I've ever come across, and thus I've dedicated my life to advancing it.
Bitcoin is one of those things that don't come along every lifetime. I hope it outlives me. While that wouldn't be an accomplishment of any sort, it'd make me feel better.
This has been your ageless father, Xavier Mendel, signing off.
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KeepKey - Setting up your Bitcoin Hardware Wallet for the First Time KeepKey - Bitcoin Hardware Wallet (Proof of Delivery and Unboxing) STEP BY STEP BITCOIN MINING ACTION bitcoin miner system 2020 Coinapult - YouTube How To Start Mining Bitcoin In 5 Minutes In 2020!! Everything You Need To Know!!

Hi, I join Coinapult in 2014 when Ira Miller was the CEO, awesome company, awesome team, awesome piece of software, I'm the one who code most of the current frontend website, the one who designed Locks By Coinapult logo, the same one who put money from his salary to buy shares that didn't take home after resign in 2015 because he was in love with the company. Online Bitcoin account provider Coinapult has completely restored its services which were shut down following a hot wallet attack which resulted in a loss of 150BTC worth roughly $43,000 on March 17. The Bitcoin firm announced this development via its official blog.. The company declared that, “Today we are happy to announce the full restoration of Coinapult services. Coinapult is a great free online wallet that you can use on your mobile devices but with no specific dedicated app. That said the wallet does allow a host of features such and methods to transfer your bitcoin as seen below. Probably one of the top apps for breaking into the emerging markets of the unbanked e.g. Africa. Coinapult is well-known to many in the cryptocurrency community. The company was founded by Erik Voorhees and Ira Miller in 2012, and raised $750,000 USD in a seed round led by Roger Ver, FirstMark Capital, and the Bitcoin Opportunity Fund. Coinapult reported that the company’s hot wallet has been compromised. Coinapult is well-known to many in the cryptocurrency community. The company was founded by Erik Voorhees and Ira Miller in 2012, and raised $750,000 USD in a seed round led by Roger Ver, FirstMark Capital, and the Bitcoin Opportunity Fund. Coinapult is based in Panama City.

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KeepKey - Setting up your Bitcoin Hardware Wallet for the First Time

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