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| April 21, 2018

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TJ Miller Allegedly Made Weird, Fake Bomb Report

April 11, 2018 |

TJ Miller was arrested Monday night and charged with making a false bomb threat on March 18. According to a release from the US Attorney for the District of Connecticut announcing the federal criminal complaint, the former Silicon Valley star called 911 on that night to say he was on…
Newser

Cryptocurrency Has Already Made You Rich – You Just Didn’t Notice

March 25, 2018 |

Cryptocurrency Has Already Made You Rich – You Just Didn’t Notice

When your altbags are weighing heavy and you haven’t checked your portfolio in days. When your long has been liquidated and the ICO that promised the moon has taken your ether and fallen silent. When regulators are cranking up the rhetoric and FUD is the only acronym in town. When all of these things conspire against you, it’s easy to get downhearted and forget about the many ways in which crypto has already made you rich.

Also read: The Current Crypto-Bear Run Will be Nothing Like 2014

Consider the Following

Cryptocurrency Has Already Made You Rich – You Just Didn’t NoticeCrypto can be a cruel mistress, giving with one hand and taking away with the other. One moment she’s rushing you to the top of the roller-coaster with your heart in your mouth and your Blockfolio in your hand. The next, she’s plunging you into the deepest of dips, drowning your gains and obliterating all hope.

At those low points, it’s easy to feel despondent. You were promised the moon and left in the gutter, with the jeers of your co-workers and spouse still ringing in your ears. You HODL’d when you were supposed to, bought the dip, and had the sense to avoid Bitconnect. You even read the white paper of that ICO you bought into – all 51 pages of it – and what have you got to show for it? Zip. Nada. Diddly squat. Perhaps you were just destined to stay poor. Or perhaps you just misunderstood what it means to be crypto rich.

Crypto High Is the World’s Toughest School

Who taught you to 2FA everything after years of sloppy op-sec?

Crypto did that.

Who gave you a fundamental understanding of Austrian School economics and the ability to spot an inverted H&S at 100 paces?

Crypto did that.

Who taught you to value your privacy long before Facebook began leaking it, and who helped you swap your World of Warcraft addiction for an unquenchable craving for knowledge?

Who instilled a passion to learn that you haven’t experienced since you were in kindergarten? Who taught you that the only person in this life you can rely on is yourself, and that only through taking control of your data, your education, and your vocation can you control your destiny?

Oh yeah, crypto did all that.

You see that graph below? That’s not bitcoin. That’s your brain on bitcoin.

Cryptocurrency Has Already Made You Rich – You Just Didn’t Notice

Come for the 100x Gains, Stay for the Esoteric Knowledge

Think back to when you first discovered crypto, be it last year, 2013, or way back at the beginning. Now think of the pre-crypto you and the version that exists today. Odds are they feel like two different people. If the cryptoverse has captivated you, like it does to so many who drift into its realm, the you of today is likely to be smarter and more inclined to question everything. An autodidact intent on grabbing life by the cojones rather than letting it slip through their fingers.

Cryptocurrency Has Already Made You Rich – You Just Didn’t NoticeSure, there are bound to be trade-offs along the way. Perhaps you’ve turned into that guy who always brings up bitcoin at parties. Or that girl who now has “crypto trader” in all her social bios. You might find you’ve less in common with your former friends, and after a couple of tequilas are prone to embarking on rants about the turpitude of Asicboost and why Bram Cohen is probably Satoshi. Bitcoin isn’t guaranteed to make you a better person. But it’s almost certain to have made you a wiser and more self-deterministic one. As the saying goes, give a man crypto and you feed him for a day. Teach a man crypto and you feed him for life.

Not All Riches Can Be Measured in Zeroes

The truth is, you could walk away from all of this tomorrow and crypto would have set you up for life. Not financially necessarily, but in every other respect you’re better equipped than you’ve ever been for anything the world may throw at you. And there’s not a 51% attack or exchange hack in the world that can change that. Quantum computers could pop every private key and burn this whole damn cryptocurrency revolution to the ground and you’d emerge digitally poorer but inestimably richer.

It turns out that bitcoin’s killer feature isn’t blockchain or decentralization – it’s knowledge. Sure, brains alone won’t pay the bills, but the skills you’ve acquired since entering this space, and will continue to acquire for every day you remain, will benefit you more than any 10x altcoin ever could.

Cryptocurrency has already made you rich. You just didn’t notice.

Has discovering cryptocurrency given you a newfound thirst for knowledge? Let us know in the comments section below.


Images courtesy of Shutterstock and Coincodex.


This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.

The post Cryptocurrency Has Already Made You Rich – You Just Didn’t Notice appeared first on Bitcoin News.

Bitcoin News

They Found a Lotto Loophole, Then Made Millions

March 10, 2018 |

Jerry and Marge Selbee had sold the convenience store they’d operated in Evart, Mich., for more than 15 years, but still stopped in on occasion to check in on the new owners. On one morning in 2003, Jerry left with a brochure that ended up spurring an endeavor that would…
Newser

‘Dramatic’ Change Made Trump-Kim Meeting Possible

March 9, 2018 |

The White House has confirmed news that stunned Korea-watchers late Thursday: President Trump is planning to meet Kim Jong Un before the end of May , in a location yet to be determined. Secretary of State Rex Tillerson said Friday that the meeting was made possible by a “dramatic” change in…
Newser

Company That Made Gun Used in Mass Shooting ‘Shares Nation’s Grief’

March 2, 2018 |

The CEO of the company that made the rifle used in the Parkland mass shooting says the firm “shares the nation’s grief”—but it hasn’t changed its mind about gun laws. “We share the nation’s grief over this incomprehensible and senseless loss of life, and we share the desire to…
Newser

Before Vanishing, CDC Doctor Made Odd Request to Neighbor

February 28, 2018 |

The Harvard-educated doctor missing for more than two weeks had recently been denied a promotion at the Centers for Disease Control and Prevention, with an explanation provided to him on the day he was last seen. After arriving at work on Feb. 12, Timothy Cunningham met with his supervisor, who…
Newser

Bitcoin Hardware Manufacturer Bitmain Made a Profit of up to $4 Billion Last Year

February 24, 2018 |

Bitmain Made a Profit of Up To $  4 Billion Last Year

The wealth of bitcoin mining titan Bitmain has long been assumed to be north of “huge”. Thanks to its near-monopolization of the ASIC manufacturing business, Bitmain has effectively had a license to print money. This week, Bernstein analysts released a report into Bitmain’s operations. It estimates the Chinese firm to have made $ 3-$ 4 billion last year from mining cryptocurrency and for selling the equipment for others to do the same.

Also read: Montana Scores $ 250 Million Bitcoin Mining Campus

Big Bucks for Bitmain

Ask any serious cryptocurrency miner what brand of ASIC they use and you’ll be greeted by the same two-syllable reply. Bitmain isn’t just the main player in the mining game – it’s pretty much the only one for miners seeking to make a living from their trade. Bitmain is a controversial company for a number of reasons, including its dominance of the bitcoin mining game, which goes against the principles of decentralization. Its mining units are prized, however, for their robustness, effectiveness, and consistent performance.

If Bernstein’s figures are accurate, Bitmain pulled in the same amount as Nvidia last year. Yet while Nvidia is a household name, few people outside of the cryptocurrency space have even heard of Bitmain. Bernstein calculates Nvidia to have made $ 3 billion in 2017, but points out that it took 24 years for the company to attain that profit level; Bitmain has achieved the same feat in just four years. Neither Jihan Wu or Micree Zhan featured in Forbes’ recent Crypto Rich List, yet there is no doubt that Bitmain’s founders are very wealthy men.

Bitmain Made a Profit of Up To $  4 Billion Last Year
Bernstein’s report highlights in grey, in the diagram, where Bitmain made its money

Perseverance Pays Off

While critics may resent the stranglehold their company has over cryptocurrency mining, Wu and Zhan have earned their reward for starting their business when bitcoin was still unfashionable, in 2013, and staying the course. The bulk of the company’s profits came in the past 12 months, as the price of bitcoin soared. For most of this period, Bitmain insisted on taking payment in bitcoin only, and later in bitcoin cash.

Bitmain CEO Jihan Wu
Bitmain CEO Jihan Wu

Bitmain is a company of a few words, preferring to let its hardware do the talking. Predictably, it had nothing to say in response to Bernstein’s report and earnings estimate. According to Bernstein, Bitmain’s dominance of bitcoin mining and ASIC manufacture stands at around 70%. One of the reasons why Bitmain has been so immensely profitable is that it has been able to hike the price of its Antminers in response to bitcoin’s rise, while the manufacturing costs have remained the same. As a result, a single Antminer went from a few hundred dollars to a peak of $ 5,000 last year.

The report went on to predict that Bitmain will further increase its dominance of the mining business this year, noting “Bitmain will likely lead the cryptocurrency asic industry and migrate some of its chips to 10nm and the most advanced 7nm. That will make the company one of the top five users of TSMC’s 7nm in 2018, with demand comparable with Qualcomm’s, HiSilicon’s, or AMD’s.”

Do you think Bitmain’s dominance of the mining business is unhealthy? Let us know in the comments section below.


Images courtesy of Bitmain and Bernstein.


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The post Bitcoin Hardware Manufacturer Bitmain Made a Profit of up to $ 4 Billion Last Year appeared first on Bitcoin News.

Bitcoin News

Russian Made Unprecedented Offer to American Luger

February 15, 2018 |

Ironically, the frosty relationship between the US and Russia doesn’t extend to the frozen curves of Olympic luge. “This goes against every Russian-USA stereotype ever but one of the Russian athletes actually wanted me to use his sled,” Reuters quotes Chris Mazdzer as saying. Mazdzer made US Olympic history when…
Newser