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Bitcoin privacy wallet pioneers Samourai Wallet have announced a new proprietary app called Pony Direct, a transaction payment method (or to act as a relay) to send bitcoin via short message service (SMS), popularly used for texting. It’s a creative way to improve upon censorship resistance.
Also read: Ditch University and High Transaction Fees!
Samourai Wallet’s Pony Direct App
T Dev D of Samourai Wallet explained to News.Bitcoin.com: “Pony Direct can be used to forward bitcoin transactions via SMS even when internet connections are blocked or shut down. Simply using the app to send a transaction via SMS to any cooperating and internet-connected Android device will effectively route around any internet censorship being practiced where the sender is located.”
“Pony Direct was developed in-house as a proof-of-concept app with the intention of open sourcing it to be an open invitation for developer participation in the Mule Tools project as a whole,” T Dev D noted. In keeping with their open source ethos, Pony Direct is available on Github.
Internet censorship is a favorite of governments as a way to shut down dissidents, and there’s every reason to believe it would be a first response should cryptocurrencies like bitcoin become a real threat. In 2016, countries like India, Saudi Arabia, Morocco, Iraq, Brazil, Republic of the Congo, Pakistan, Bangladesh, Syria, Turkey, and Algeria, to name just a few, worked hard to shut down social media access especially. SMS might be a way around such scenarios.
News.Bitcoin.com asked how SMS within the Samourai Wallet operates. T Dev D clarified: “The issue is that as SMS can only contain up to 160 characters, a way must be found to send as many SMS as possible to communicate the bitcoin transaction to the party capable of broadcasting it on the network. The first SMS in the sequence contains info on the total number of SMS in the series, the hash ID that must be matched at the end, a batch ID, a sequencing number, and a portion of the actual transaction hex. The following SMS contain a sequencing number, the batch ID, and more transaction hex data. Once the receiving device has accepted the expected number of SMS for a same batch from the same incoming number, the transaction data is extracted from each message and the entire transaction is re-assembled and pushed out to the bitcoin network.”
Pony Direct is “part of ongoing R&D into alternative broadcasting methods to enhance censorship resistance,” Samourai tweeted. Censorship resistance is a serious goal for the uber-privacy wallet project; its team bills themselves as “privacy activists who have dedicated our lives to creating the software that Silicon Valley will never build, the regulators will never allow, and the VC’s will never invest in. We build the software that Bitcoin deserves.”
When asked about the wallet project’s overall status (it remains in alpha), T Dev D answered, “Samourai is moving ahead with its roadmap and experiencing rapid growth during this period of mass media attention on the crypto-currency space.” Though the wallet is Android-based at the moment, “We plan to have an iOS version of our wallet ready for later this year,” News.Bitcoin.com was told.
SMS transacting as an experiment was published summer of last year by Pavol Rusnak who wanted to use a legacy method to send bitcoin. Smspushtx was his project. He did have to register with an inbound SMS service provider and chose Nexmo because they didn’t charge.
He set up a virtual number which allowed him a webhook, and pointed it at his Flask server, which in turn consumes and forwards messages. The only trouble was limiting messages to 160 characters. The message is then linked together in a chain or series; he used an Insight service API to push the transaction and used both hexadecimal format and base64 format. Readers are encouraged to see the experiment for themselves.
Now there’s a bitcoin wallet that can do all that as well.
What do you look for in a wallet app? Let us know in the comments section below.
Images courtesy of Pixabay, Samourai Wallet.
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The post Samourai Wallet Introduces Bitcoin via SMS Text Message for Censorship Resistance appeared first on Bitcoin News.
This week the sponsor of the Bitcoin Investment Trust, Grayscale Investments has announced the launch of a 91-for-1 stock split of the Trust’s issued and outstanding shares. According to Grayscale, the division will take place on January 26 and shareholders will receive 90 shares for each their original shares held.
The Bitcoin Trust Is Creating a 91-1 Stock Split
Grayscale Investments, Bitcoin Investment Trust (OTCQX: GBTC) is a popular investment fund based on the price of bitcoins held in reserves. Most investment trusts own a fixed amount of the asset and investors purchase shares of the Net Asset Value (NAV). One GBTC share is worth around 1/10th of BTC and users also pay portfolio maintenance fees. Investors like GBTC because it is considered one of the only stock tied to real bitcoins that are offered on a public stock market. Because BTC values have rallied for well over a year GBTC prices have followed suit making the price per share a bit expensive for some. Unlike purchasing bitcoins in fractions, investors have to buy an entire share to get in on GBTC investing. The increased price has made it harder for ordinary retail investors to buy shares so Grayscale has decided to create a stock split.
From $ 1,800 Shares to $ 18 Per GBTC
Basically, a stock split or divide increased the number of shares allocated to the investment vehicle. For instance right now Grayscale holds 1,916,600 shares of GBTC and one share is worth 0.09242821 BTC. If a user purchases ten shares, then they have the equivalent of 1 BTC and Grayscale holds a total of roughly 170,000 BTC. With the launch of a 91-for-1 stock split every share that’s worth .092 BTC will drop to 0.00101 BTC. After the split, there will be 174,410,600 GBTC shares in circulation. Grayscale believes the move will make GBTC shares more affordable and it will entice retail investors. Currently, one GBTC share is roughly around $ 1,767 USD, and after the split, it will be worth about $ 17.60 respectively.
“It is the only product (of its kind) available to investors for purchase at net asset value,” explains the Grayscale director Michael Sonnenshein in a recent video interview.
The Possibility of Even More Shares and Automatic Issuance
Grayscale also reveals that the stock split could result in more shares than estimated on January 26.
“After the close of business on the record date, the Trust will announce the total number of shares that will be issued and outstanding immediately after effectiveness of the stock split on January 26, 2018, which will give effect to any such new shares created after the date of this press release and up through the record date,” Grayscale Investments details.
Shareholders are not required to take any action to receive the shares in connection with the stock split and they will not be required to surrender or exchange their shares in the Trust — The transfer agent will automatically issue the new shares in the stock split.
Stock Splits Can Affect a Stocks Overall Value Either Negatively Or In a Positive Way
Stock splits happen all the time in the financial world, but it’s interesting to see the method applied to an investment fund based on actual bitcoins held in storage. There are two scenarios that could happen when more GBTC shares become available as far as the stock’s price. One, the market could get over diluted, and the price drops in value at some point after the split; or, the split shares could make the overall asset holdings increase in value while also creating more accessibility to ‘average Joe’ investors. Grayscale is hoping for the latter outcome.
What do you think about Grayscale splitting GBTC? Let us know your thoughts in the comments below.
Images via Pixabay, Grayscale, and Google Finance.
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More than half of Russians have some knowledge about bitcoin, according to a new survey. Awareness is higher among young people and in major cities. Three quarters of the Muscovites feel informed about the leading cryptocurrency thanks to 185,000 publications in news outlets. Bitcoin is the most popular word in Russian social media, another study shows.
Young and Online (Profile of the Savvy)
In a year with major developments for bitcoin, many more Russians have become aware of the first crypto. 56% of them now say they know about Bitcoin, according to a recent survey conducted by VCIOM, the “All-Russian Center for the Study of Public Opinion”. The number of knowledgeable respondents rises to 66% of active internet users.
The awareness among young Russians has reached 75% (18 to 24-years-olds), and 71% of all men know about bitcoin. 74% of the residents of the capital Moscow and the second-largest city Saint Petersburg have already learned about the decentralized cryptocurrency.
Few of the informed, however, possess profound knowledge of bitcoin. Only a third of them know that anyone can obtain it – 34%, and some 16% think that bitcoin is actually banned in Russia. More than a quarter know, though, that coins are not only purchased, but can be mined, as well (29%). Another 44% are aware that cashing them out is not yet legalized in Russia.
Better Known as Means of Payment
Despite often described to them as asset and defined as “other property”, 40% of the participants in study know they can use bitcoin to buy and sell goods and services. The question about how secure it is to keep funds on the blockchain divides Russians. 36% of them believe that it’s hard to steal digital cash. The sceptics, who think that’s easy, form 33% of the sample.
Bitcoin is not very popular as an investment opportunity in Russia, the study finds out. Two thirds of the people that know about it, or 67%, consider spending fiat rubles on bitcoins unprofitable. Only 9% of all Russians reckon they will buy the cryptocurrency in the future.
A recent survey conducted by an Indonesian company showed that less than half of the Russian citizens expected wide adoption of cryptocurrencies in the next decade. Russians questioned by VCIOM say the main reason for their anxiety is the insufficient information about bitcoin. The findings of another Russian study, however, point to a trend that may change that assessment.
According to data collected by Medialogia, the number of bitcoin related publications in Russian media has jumped last year to more than 185,000, peaking at 56,000 in December. Changing rates, record highs, and the increasing number of bitcoin billionaires have been widely covered.
Bitcoin Tops Social Media Ratings
“Биткоин“ (bitcoin) has climbed to the top among most popular words in Russian social media. It has been mentioned in 6,543,800 posts, Medialogia statistics revealed. “Блокчейн” (Blockchain) is second with close to 1.8 million posts in 2017. The Russian words for cryptocurrency, mining and etherium have also made it to the top 10, and ICO is number 11.
Not everyone in Russia is ready to make optimistic predictions based on the latest sociological data. VCIOM’s Lead Consulting Expert, Oleg Chernozub, shares a rule of thumb borrowed from “professional investors”:
If the price of an asset is discussed in TV shows for housewives, it will soon crash!
“We shall wait and see”, as the Russian saying goes. Housewives may soon know more about bitcoin than their husbands.
Do you think that the growing awareness of bitcoin will eventually lead to widespread adoption in Russia? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, Медиалогия (Medialogia).
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From Israel to Australia, commercial banks in various parts of the world have tried preventing people from entering the cryptocurrency market by blocking money transfers to bitcoin exchanges. Now the largest consumer association in Portugal has called out a local bank for trying to do the same.
Banco Santander Totta
DECO, the Portuguese Association for Consumer Protection, has came out against the actions of Banco Santander Totta S.A., the fourth largest bank in Portugal. This happened following reports by Portuguese clients of the bank that it is blocking interbank transfers to accounts related to bitcoin exchanges. The association has confirmed that the bank is acting in this manner as a policy, despite not having any known legal basis to support its actions.
Founded in 1974, DECO is an independent non-profit association with charity status. It is the largest consumer association in Portugal and has been afforded the status of ‘public utility’. Hopefully its position will help clients make Santander Totta reverse its policy towards transfers to bitcoin exchanges.
Banco de Portugal
After trying to make a transfer from Santander Totta to a Coinbase bank account in Estonia and getting rejected, a DECO associate asked the bank for the reason it blocked the transaction. After initially avoiding the question, the bank finally answered that the operation was not allowed because it related to a “virtual currency that is not regulated.”
The consumer association has determined this action has no legal support basis in Portuguese or European Union laws.
The Portuguese central bank, Banco de Portugal, said that there is no regulatory framework established in the country for virtual currency exchange platforms and its supervisory activity does not include actions related to this specific operational reality, essentially meaning that the central bank hasn’t issued any guidelines instructing banks not to approve money transfers to accounts of bitcoin exchanges. Additionally, at least one other Portuguese commercial bank, Novo Banco, commented to DECO that it has no current restrictions in place to inhibit these operations.
Should any banks be allowed to decide on their own that they are blocking transfers to bitcoin exchanges? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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It was the best of times, it was the worst of times. From the hubris and excess of the North American Bitcoin Conference to the gloominess of the crypto markets, it’s been a feel-o-coaster of a week. Fear, uncertainty and doubt were the overarching emotions amidst a turbulent seven days, but there was also space for cheer, schadenfreude and disbelief. Welcome to another week in bitcoin.
High Drama Amidst Low Prices
This week in bitcoin managed to cram in more drama than a Mexican telenovela, with major market drama, regulatory drama, and Ponzi drama to name but three. Things started smoothly enough, with our leading story, as Monday broke, addressing the fact that 80% of all bitcoins have now been mined. Traditional media picked that one up and ran with it. Appreciation of bitcoin’s scarcity failed to stop the rot though, as bitcoin started to slide, taking the rest of the cryptocurrency market down with it.
Everyone had a theory behind the slump that saw bitcoin drop below the champagne threshold of $ 10k for the first time since early December. It was a price bracket that many thought we’d never see again. Theories postulated included threats to ban crypto in South Korea, threats of China cracking down further on bitcoin mining, historical data which shows bitcoin always performs badly in January, or the fact that bitcoin was “overbought” in the run-up to CME and Cboe futures launching last month, and thus a correction was necessary. Some people even chose to blame falling markets on the cycles of the moon, which seems as good a theory as any.
It Came From Korea
It’s impossible to review a week in bitcoin without acknowledging Korea, so here goes: our most popular story concerned government officials profiting on advance knowledge of regulatory action. That’s right, insider trading. Everyone seems to be at it, though it doesn’t require a man on the inside – simply the ability to sense a storm coming, as futures traders appear to have done, according to Eric Wall. He notes “there was an unusual increase in short positions around January 11. At the same time, the price was just bouncing around in the 12800-14200 range.” In other words, the markets looked normal, but futures traders had an inkling that something was brewing.
On Wednesday, every asset in the cryptocurrency top 100 was in the red. 24 hours later and we were back to fields of green. It was a non sequitur the likes of which hasn’t been since 1986 when Dallas’ Bobby Ewing reappeared in the shower after having been killed off in the previous season. In the words of Biggie Smalls, it was all a dream. The dreaming didn’t last for long unfortunately, as by the weekend the market revival had died out and we were back in the low eleven-hundreds. Quick, someone order more tethers.
Bitcoin Gets a Haircut, Bitconnect Gets Scalped
If bitcoiners thought they had it bad, they should spare a thought for bitconnectors. All those with their wealth locked up in the Church of Ponzi had their assets savagely crushed from $ 290 a token to $ 18. It would be heartening to say that everyone who got duped by Bitconnect has learned their lesson, but judging by the number of “victims” who are now piling into the Bitconnect X ICO or Davorcoin – yet another Ponzi – the signs aren’t encouraging.
To finish this week’s highlights, of which there are too many to list as usual, we have another tale from South Korea, suggesting that normal banking service may soon be resumed for cryptocurrency exchanges, which is just as well given the rate at which new exchanges are springing up in the country. While the mantle of crypto-friendliest Asian nation resides with Japan for now, in Europe, Belarus is staking a claim as a new haven for crypto’s rax averse.
If you’ve had the temerity to skip straight to the end of this review for the This Week in Bitcoin podcast, here it is. In it you’ll get the tl;dr on this week’s burning stories, delivered by your amiable host Matt Aaron. Catch you next week for more highlights from the heart-stopping world of bitcoin.
What was your favorite story from this week in bitcoin? Let us know in the comments section below.
Images courtesy of Shutterstock and Dallas.
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Many European cryptocurrency investors are about to get another venue for investing in bitcoin cash with their regional fiat. The GDAX exchange will start offering BCH/EUR trading again in just a couple of days.
BCH/EUR on GDAX
GDAX exchange, a subsidiary of San Francisco-headquartered Coinbase, has announced that it will open its BCH/EUR order book on Wednesday January 24 at 02:00 AM Pacific Standard Time (PST). This will allow its European users to gain access to bitcoin cash trading directly, without having to exchange their euros to BTC first and paying a commission twice.
As we previously reported, in December 2017 Coinbase was forced to halt bitcoin cash trading on both platforms soon after it started, botching the launch. Besides operational problems like an inability to handle all the traffic to specific BCH liquidity issues, the company was also accused by many clients of enabling insider trading. The GDAX BCH/BTC order book was restored only on January 17, exactly a week before the BCH/EUR.
In order for the launch to go more smoothly this time, GDAX will handle the process in a measured and gradual fashion. The exchange team said that the BCH/EUR market will open at first in ‘post-only’ mode for a minimum of ten minutes before entering ‘limit-only’ mode followed by ‘full trading’ mode.
The decision to move the market from one mode to another is made by the GDAX Market Operations team, taking into consideration factors such as order book liquidity and price volatility. Looking at the BCH/BTC order book relaunch for example, we can see it took 37 minutes to transition from the first mode to the second and another hour and 48 minutes to reach the final stage.
How is the European market going to react once BCH/EUR trading begins on GDAX? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
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Additional Wall Street money might start making its way into cryptocurrency investments soon. An American rating agency is set to issue grades for bitcoin and a host of altcoins this week, possibly opening the door for more fund managers to enter the field.
Weiss Cryptocurrency Ratings
Weiss Ratings, a U.S. independent rating agency, had announced that it will issue letter grades on cryptocurrencies, to be released Wednesday January 24. Beyond market leader bitcoin (BTC), the rating agency will also issue grades for ethereum (ETH), Ripple’s XRP, bitcoin cash (BCH), cardano (ADA), NEM (XEM), litecoin (LTC), stellar (XLM), EOS, IOTA, Dash, NEO, TRON, Monero (XMR), bitcoin gold (BTG) and many others.
The rating agency, which was founded in 1971, grades about 55,000 institutions and investments including banks, credit union, insurance companies, stocks, ETFs and mutual funds. Unlike Standard & Poor’s, Moody’s, Fitch and A.M. Best, Weiss Ratings prides itself on never accepting compensation of any kind from the entities it rates.
The Importance of a Rating for Bitcoin
The new cryptocurrency ratings are a first for any U.S. financial rating agency. They are said to be based on a model that analyzes thousands of data points on each coin’s technology, usage, and trading patterns. Besides enabling cautious investors to better assess the risks associated with an instrument they wish to invest in, ratings also define what trades many fund managers are allowed to take part in.
“Many cryptocurrencies are murky, overhyped and vulnerable to crashes. The market desperately needs the clarity that only robust, impartial ratings can provide,” said Weiss Ratings founder, Martin D. Weiss, PhD. “We’re proud to be the first to bring that benefit to investors — to help them cut through the hype and identify the few truly solid cryptocurrencies. Our ratings are based on hard data and objective analysis. But they’re bound to create controversy, including some grades that may come as a surprise to some people.”
Will this development help make bitcoin investments more mainstream on Wall Street? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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When 600 cryptocurrency enthusiasts set sail from Singapore on Monday night for their second annual Blockchain Cruise, the price of bitcoin was hovering comfortably above $ 13,500.
By the time their 1,020-foot-long ship pulled into Thailand on Wednesday, for an afternoon of bottomless drinks and…
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Singapore-based MegaX introduces first-of-its-kind global millennial online mall having raised USD2.5M from a token sale concluded on 16 November 2017.
MegaX, a partnership between iFashion Group and MC Payment, has launched an online mall targeted at millennials. Having been in the retail industry since 2009, the mall has served over 1 million customers worldwide. The mall will provide visitors with access to over 1,500 global brands and 80,000 products, featuring items such as the Google Pixel 2, the Oculus Rift Touch VR System, iPhone X and even adrenaline-pumping toys like the hydro jet that allows you to hover above the sea. The online mall will also include exclusive concierge service which aims to provide shoppers looking for a getaway with unique holiday experiences. Expect packages such as exotic stays in Irish castles, silver mines, airplane fuselages and even ice hotels.
The ability to transact using MGX coins and other cryptocurrencies will provide crypto-savvy millennials with the opportunity to experience a new retail phenomenon in the future of cashless society. MegaX envisions and has been working towards a future where ultimately MGX, the native currency, will be the cryptocurrency of choice for millennials to earn, spend and transact. A fresh and emerging retail network, MegaX will pave the way for emerging retailers to engage with millenials.
Bitcoin Cash (BCH) is an example of an evolved cryptocurrency that is ready for real-world use and is able to cater to retailers’ needs such as having faster transactions and lower fees. “By only accepting MGX and BCH instead of fiat for payments, we are determined to bring about real-world adoption of cryptocurrencies,’ said Jeremy Khoo, Group CEO, iFashion Group. “Despite a market cap of 728 billion USD in cryptocurrencies right now, most retailers do not accept them as a form of payment. Retailers looking to resonate with the new generation of consumers should be fearlessly agile and open to adopting new payment forms. Cryptocurrencies has seen unprecedented growth in 2017 and we believe that growth will continue.”
Megaxstore.com is piloting a rollout by accepting Bitcoin Cash. MegaX aims to help new-age retailers and cryptocurrencies reach out to a large addressable market, the millennials. A 2016 Accenture report states that within Asia alone, millennials are expected to collectively constitute USD 6 trillion in disposable income by 2020. According to a CBRE survey, 30% of this income is spent on leisure activities such as shopping and eating out.
MGX as a cryptocurrency revolves around the millennial movement and aims to create a retail revolution by better engaging with these segment of customers and being their currency of choice. The retail companies behind MegaX have served more than 10 million customers and will use an omni-channel approach in spurring real world adoption of MGX. Token holders can also expect to pay with MGX at multiple native offline events such as the next installation of Artbox Singapore – a creative market concept popularised in Thailand, which attracted over 600,000 attendees and totaled 30 million USD in transaction volume during its inaugural Singapore outing over 2 weekends in April 2017.
Visit http://megaxstore.com/ http://megax.io for more information or the following contact points
About iFashion Group
iFashion is a leading venture conglomerate company focused on investing and acquiring fashion and lifestyle e-commerce ventures based in Southeast Asia. To create synergy among businesses, the Group aggregates highly complementary businesses via mergers and acquisitions in its sectors of interest. The Group acquired, most notably, local O2O brands Dressabelle and Megafash, in the lead up to an IPO.
About MC Payment
Founded in Singapore in 2005, MC Payment is a leading innovative fintech company that has a strong regional presence with end-to-end value-chain of commerce transactions, ranging from suppliers and merchants to consumer payments. Its technology entails both retail to online payments, mobile to Distributed Ledger Technology. MC Payment has become the bridge that facilitates commerce transactions across the region, with payment acceptance ranging from credit and debit, to locally preferred alternative payments, while serving regional merchants and financial institutions alike.
Megaxstore is a multi-label online mall dedicated to inspire and motivate customers with creative goods found around the world. Megaxstore now operates over 7 stores across Asia, offering experiential retail spaces and a well-curated mix of tech products, hotel stays, homeware, food items, stationery, novelty goods, travel essentials, apparel for men, women and children; as well as accessories.
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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This January, thousands of cryptocurrency enthusiasts flocked to The North American Bitcoin Conference in Miami after a grueling two weeks of market madness. The very large crowd, however, was quite confident that the emerging digital asset space was still on the rise as the halls of the James L Knight Center were bursting with vigor.
Thousands of People, Hundreds of Exhibits, and Lots of Lambos
The North American Bitcoin Conference (TNABC) was a full house this year as thousands of attendees (mostly newcomers) gathered to converse about cryptocurrencies and tech applications that many dreamers believed could make the world a better place. The new year market slumps of 2018 haven’t seemed to phase bitcoiners, as many of the attendees still believe “the moon” values are still very much in sight. The first thing attendees noticed at TNABC walking into the auditorium was the various exhibits, huge bitcoin signs and the large quantity of Lamborghinis in the parking lot. One Lambo was for sale at the conference for 43 BTC and a bunch of other digital currencies.
Mainstream Media Presence
In addition to the vast quantity of newcomers, many mainstream media outlets were also in attendance such as RT, CNBC, Bloomberg, and also a prominent amount of local Miami news stations. Of course, the press was quite interested in the crypto phenomena while they interviewed bitcoin luminaries and startups pitching different ideas. But the main thing the mainstream media wanted to know is whether or not cryptocurrencies would ‘survive’ the recent ‘crash’ that took place over the past three weeks.
The Tokenized Economy and ICO Pitches
One of the main themed events within the auditorium was the immense amount of initial coin offerings (ICO) pitching various ideas tied to the blockchain concept. Many of the ideas were basically tokenized (mostly ERC-20) assets bootstrapped to schemes like travel, fruit juices, healthcare, and luxury cars. The ICOs also filled the large exhibit hall and many attendees were fascinated by these tokenized ‘offerings’ while representatives tried to explain the startup’s objectives. The recent crackdown on ICOs in the U.S. by the Securities and Exchange Commission has not deterred people in the ICO industry as the TNABC event had shown this space is still growing exponentially.
Many Crypto Businesses, Gadgets, and Speakers
In addition to the ICO madness, TNABC hosted an extensive number of speakers and other types of businesses focused on assets like bitcoin cash, ethereum, dash, and bitcoin core. Well known businesses in attendance included Shapeshift, RSK, Bitpay, Bread, Edge (formally Airbitz), Netki, and more. Many of the companies said their growth last year was substantial and many reputable crypto-based firms said they had big announcements planned for 2018. TNABC also had live GPU miners running in the exhibit halls, a virtual reality setup, and a 3D printer making physical bitcoins in addition to the ‘swag’ participants were collecting throughout the day.
Throughout each day of the event, there were various speakers from different companies, developers, and luminary-esque cryptocurrency evangelists. Notable keynote speakers included Overstock’s Patrick Byrne and his Tzero project, Unsung’s Jason King, director of content at FEE Jeffrey Tucker, and the Dollar Vigilante’s Jeff Berwick.
The Hodler’s Bright Future
As usual, the Foundation for Economic Education’s Jeffrey Tucker’s speech got the audience fired up from his words towards the future of the crypto movement. Tucker explained how FEE started in 1933 and how it was an interesting year because the U.S. president FDR destroyed the country’s money. Tucker explains how the president then confiscated everyone’s gold and jailed and fined people if they did not comply. The FEE director notes:
“The third thing FDR did was devalue the currency to 1/20th of an ounce to 1/35th of an ounce of gold. That was an unbelievable trauma right here in the United States of America. You see the founder of my institute said:”
Enough is enough people don’t have control over their wealth and can’t manage it themselves the people are not free.
“Do you know how people responded? This is fascinating to me — they hoarded. For fifteen years they hoarded and they didn’t trust the banks anymore. The money went into the mattresses it went underground. A lot of people kept their gold and buried it and the savings grew and grew. The depression didn’t end until the thirties and World War II came to an end — And you know what happened after WWII? All the experts said there would be a depression.”
It didn’t happen you know why? — Because people hoarded — Because of the savings and capital that was put together over the course of those fifteen years formed the basis of a new prosperity and the greatest period of economic growth in the history of the world right here in the U.S. because of the defiance of the American people. Let me tell you, my friends, we got a lot of ‘hodlers’ here — there’s a beautiful future ahead — You are the future.
TNABC a Great Example of Cryptocurrencies Growing Up
Overall the crowd was very excited and positive for the future that lies ahead and very much believed the words of Tucker and many other visionaries who attended TNABC. Many also believed the digital asset economy would rebound after the past few weeks and cryptocurrency prices had jumped significantly throughout the event. The bitcoin event in Miami was a full house both days and the thousands of enthusiasts in attendance have shown the extent to which cryptocurrency has matured.
What crypto conferences will you be attending this year? Let us know in the comments below.
Disclaimer: Bitcoin.com was a sponsor of TNABC and media partner.
Images courtesy of Jamie Redman, TNABC, Keynote Events, and Moe Levin.
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