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How to make and lose $2b on blockchain

Source: https://www.afr.com/business/energy/how-to-make-and-lose-2-billion-on-blockchain-20181212-h1914w

In the wild world of blockchain pioneers, Power Ledger founder Jemma Green is a rock star.

The former investment banker oversaw the biggest initial coin offering in Australian history, was chosen as EY's fintech entrepreneur of the year, and won an international start-up competition overseen by Sir Richard Branson. She even stepped in as Perth's mayor last year.

Her two-and-half-year-old company promises to revolutionise the global power industry. Power Ledger's blockchain tokens, an unregulated, computer-based form of money, allow individuals to trade electricity between themselves, save money and reduce greenhouse gas emissions.


Power Ledger founder Jemma Green won the Extreme Tech Challenge in 2018, which was judged at Richard Branson's private island in the Caribbean. Supplied

Green created a virtual currency worth more than $2 billion at its peak. Yet her trading system has a tiny take-up, was rejected by the one big electricity retailer that tested it, and a government-funded trial hasn't met the expectations of some involved.

Over-hyped?
Now, some experienced tech and green-industry figures are posing an awkward question: does Power Ledger epitomise the over-hyping of blockchain?

"I'm a software engineer by training, have been mucking about online for 35-plus years and am an energy geek," says Melbourne green-energy investor Simon Holmes a Court. "I still don't understand what valuable problem they are trying to solve.

"The basic infrastructure to manage transactions at massive scale already exists – [there's] no need to use Blockchain."

Blockchain, which is the basis for Bitcoin and similar currencies, was invented in 2008 by an unknown person. Despite billions invested in the technology, it is unclear if there are any profitable blockchain businesses not directly involved in cryptocurrencies.

"We've seen a bunch of profitable blockchain applications, but all have been focused on obtaining and trading crypto and their profitability is generally linked to prices – think miners, exchanges and wallet providers," says John Henderson, a venture capitalist at AirTree Ventures.

The blockchain frenzy
Part of blockchain's popularity is as much ideological as financial. Encrypted databases spread around the internet, controlled by no one, blockchains represent a technological rebellion against the centralisation of economic power in governments and central banks, whom many hold responsible for global financial crisis.

"Blockchain has been seen as a nirvana – its ideological roots are decentralisation and removal of institutions," says Peter Williams, a partner at Deloitte Consulting who specialises in technology. "The zealots are into self-sovereign ID, everything decentralised and the end of institutions."

Last year, the blockchain enthusiasm drove a global investment wave. Some 1225 initial coin offerings, the blockchain-equivalent of IPOs or sharemarket floats, raised $US7.5 billion through the sale of blockchain tokens or coins, much of it from individual investors, according to the ICO Data website. The technology was predicted to change dozens of industries, from shipping to healthcare.

In Australia, Green was at the forefront of the movement. Her company promised to apply blockchain's anti-authority ethos to challenging big electricity monopolies.

@elonmusk I am told you might be interested in us at @PowerLedger_io we do blockchain energy for democratisation of power & citizen utilies

— Dr Jemma Green (@msjemmagreen) September 15, 2017
Green had been in London for 11 years. After starting as a trading assistant at the Royal Bank of Scotland, she joined JP Morgan, where she assessed the environmental and social risk of new loans and shares.

Going places in Perth
In 2013 she returned to Perth, where her father had bred and trained racehorses. She began to ascend the city's business and social hierarchy.

Green enrolled in a PhD at Curtin University, consulted under the brand The Green Enterprise, and ran for the City of Perth council. She joined the advisory board of One Million Women, a female climate change group based in Sydney.

Within four years she was deputy mayor and head of one of the Perth's hottest start-ups. She was tweeting Elon Musk, trying to get him interested. (He didn't reply.) "The motto that I live by is 'anything's possible'," she said at the time.

Why @elonmusk Has His Eye On This Aussie #Blockchain #Energy Company @PowerLedger_io #ICO #POWRtoken

— Crypto Guru 2018 (@ICO_Market_Guru) October 6, 2017
Green had hatched a plan worthy of her motto: cash in on the bitcoin boom by creating one billion virtual-currency tokens.

Her pitch was almost impossible for outsiders to understand. The ambition was unmistakable.

"The Power Ledger Platform is a trustless, transparent and interoperable energy trading platform that supports an ever-expanding suite of energy applications, with an exchangeable frictionless energy trading token, Sparkz," Power Ledger's 28-page company manifesto said.

Sounds like an IPO
It sounded like an IPO. It wasn't. Instead, the tokens gave investors the right to use Power Ledger's technology at some point in the future. The weren't entitled to any profits.


In Power Ledger's market individuals use blockchain tokens to buy and sell electricity generated from solar panels. Vicky Hughson

Most companies raising capital use stockbrokers or bankers. Power Ledger turned to what are known in the blockchain world as "bounty hunters".

One-and-a-half million POWR tokens were set aside for individuals to promote the sale on social media. Dozens of newspaper and blog articles were published. The Huffington Post profiled the company and compared blockchain with the early internet.

Articles exaggerated Power Ledger's achievements. The company was often described as operating a retail electricity market, and sounded liked an eBay or Amazon for solar power. In reality, it was building the technology and didn't have a commercial market operating.

Twitter was flooded with posts. Some claimed Musk had asked the company for advice. Fake accounts were rewarded with POWR tokens for their promotional work.

"Some of our bounty group were professional bounty hunters chasing tokens because it's what they do," Power Ledger said in a post a few weeks after the token sale. "Some were bots reporting an astounding 5000 likes of our social media output in a single 24-hour period."

Transparency needed
The Australian Securities and Investments Commission disapproves of people spruiking investments without disclosing their interest.

"Certainly in my view it is not good practice for individuals to be promoting ICOs and receiving a benefit if they are not transparent about the benefits they are receiving," says John Price, an ASIC commissioner.

Peter Williams, the Deloitte partner, goes further. These are "classic market manipulation techniques," he says.


Some experienced tech and green-industry figures are posing an awkward question: does Power Ledger epitomise the over-hyping of blockchain?

Asked why Power Ledger used bounty hunters, Green says she isn't familiar with the phrase. "I don't know what you are talking about," she says.

Later, in an email, Greens says Power Ledger, unlike some other blockchain companies, works hard to be transparent. "We ran the ICO through a corporate structure, through our proprietary limited business," she says. "We have tax exposure. We had a proof of concept before going to market. And we did all of those things because we realise we need to bring legitimacy to our space and the ICO and crypto space more generally."

Perfect timing
In almost perfect timing, Power Ledger raised $34 million a couple of months before bitcoin peaked. No other Australian blockchain company was as popular.

Initially, the tokens were a great investment. Sold by Power Ledger for US8.38¢ each, within five weeks they were trading at $US1.79. In a year and half, a company with fewer than 30 staff had created $2.4 billion in wealth.

Tokens allocated to Green, other private investors and key staff were worth $360 million. The former traders' assistant had been hit by what is known in the tech circles as the "money truck".

Green became a bona fide tech celebrity. She turned up at the World Economic Forum in Davos to help launch the Global Blockchain Business Council. EY named Green as one of its entrepreneurs of the year.

The accounting firm had fast-tracked her through the process. Contenders in other categories were required to go through applications, interviews, presentations over many months. Green's name was simply forwarded to the judges with a few others.

A market that doesn't exist
The adulation was based on Power Ledger's home-to-home trading idea, which it says is "perfect for any household, office or retailer connected to the electricity grid".


Blockchain CEO David Martin with chairman Jemma Green at their Perth office. The company issued blockchain tokens worth $2.4 billion at their peak. Trevor Collens

But the system doesn't operate outside a few pre-established trials that cover a tiny number of people. The low-cost of electricity, the ubiquity of supply and efficient exiting payment systems pose significant obstacles, critics say.

There is no way to sign up to Power Ledger's trading system. Electricity companies are needed – the Power Ledger website urges consumers to lobby them – but Origin Energy carried out a simulation and decided not to go ahead.

Asked how many buildings around the world use Power Ledger's system, Green says, "I don't know exactly off the top of my head".

Her CEO, David Martin, says the number is less than 100. All are trial sites, except for three Perth apartment buildings that were part of Green's PhD thesis. "We have never said that anyone can get on and start trading," she says.

Uneconomic trading
The government has provided $2.6 million to test the system out on some 40 houses in Fremantle. The project is billed as the first electricity market where residents can set their own prices. It is a chance for Power Ledger to fulfil its core promise to generate higher prices for solar power producers and lower prices for consumers – the classic example of an efficient market.

One participant, who asked not to be named, says the trading system isn't worth using. A former manager in the energy industry, she her own solar panels and electric car. She sells electricity to the grid for 7¢ per kilowatt, and buys it for 26¢ per kilowatt.

Using Power Ledger, she expected to trade electricity with her neighbours between 7¢ and 26¢, saving both sides money. Power Ledger takes a cut of about half a cent a kilowatt.

But the local electricity retailer and power grid, Synergy and Western Power, charge a connection fee of $3 a day to trial participants. The overhead makes trading uneconomic for her.


Initially, the tokens were a great investment. Sold by Power Ledger for US8.38¢ each, within five weeks they were trading at $US1.79. In a year and half, a company with fewer than 30 staff had created $2.4 billion in wealth.

"I was quite disappointed because I find the idea of energy trading very exiting and I really wanted to experiment with it," she says.

The project's manager, Karla Fox-Reynolds of Curtin University, says other houses are buying and selling. "They are feeling empowered and enabled to participate in the energy market," she says. The project is advertising for more recruits.

'The road is not always straight'
Any criticism about Power Ledger's small take-up rate is unfair, Green says, because it is such a young company. "The road is not always straight," she says. "I think the value of it over time will be immeasurable."

Even some blockchain boosters are sceptical. Fred Schebesta, who owns a cryptocurrency broker, says he can't see what would drive the token price up.

"I think that they will need millions or hundreds of thousands [of customers] to be viable or really take off," he says. "The value of the token holders is not well aligned to the value of the business."

Now the bitcoin boom seems to have passed, many tech industry leaders are questioning if the ICOs were an investment fad that shifted wealth rather than created it.

​"The ICO craze is and was way worse than the dot-com boom, where capital raised was at least a share of the upside and was subject to regulation," says Williams, the Deloitte partner.

After spectacularly peaking in January, POWR tokens crashed with the rest of the bitcoin market. Today they trade around 6.5¢, about 20 per cent below their issue price.


Skeptics question if blockchain is needed in the retail electricity industry, where big networks have scale, ubiquity and easy payment options. Supplied

The company continues to reward bloggers who promote the virtual currency. One of the boosters is a price-comparison website, Finder.com.au, whose owner invests in cryptocurrencies.

"Power Ledger is an ambitious project but one that nonetheless has the potential to transform the energy industry around the world," one of the site's contributors, Tim Falk, wrote last month.

Falk, who recently wrote about 2018's top carpet cleaners, has punted on POWR tokens himself.



submitted by InfiniteAttempt to PowerLedger [link] [comments]

Brokerz.com - Unlicensed and fishy. Need advice.

[Disclaimer: I was incredibly stupid for falling for a scam. I know. I'm genuinely embarrassed by it. At this point all I'm looking for is a few opinions. I also posted this on Trading, but have yet to hear from a mod, since my acc. is new and they marked it as spam.]

Hi everyone,
New here, and wanted to ask a few questions, specifically about what legal powers unlicensed traders have over you.
Long story, here goes:
In April to May of this year I was duped into an online scam promising automated trading software “Bitcoin Trader”. In doing so, I chose Brokerz.com as the broker with which this automated trading should occur. I opened an account with Brokerz.com via a phone call in May of this year. I already knew this was odd, but played along out of ignorance and confusion. Brokerz.com seems/seemed quasi-legitimate (though unlicensed), but the means by which I opened an account with them were not.
Suspecting that I had been scammed into depositing money with Brokerz.com, I decided almost immediately that I wanted to close it and filed a withdrawal request for the same day, wanting to withdraw all funds and subsequently close my account.
That was rejected, because I had not provided the sufficient ID, which I had never been asked for in the first place and I did not realise I needed to provide just yet. I was then told that I had missed my 48h window in which I could close the account. Brilliant.
I received a Managed Account Agreement which I was told to sign should I wish to trade. I did not sign it, as I made it clear in a prior phone call that I did not wish to trade. I did not know how to close my account and was at the time too busy to further pursue the matter.
In an attempt to close the account and retrieve my funds I sent the necessary documentation to the compliance department. My second withdrawal request was then confirmed. Shortly after this, £100 were deducted from my account due to not trading for over 45 days (this is a policy they have), despite my making clear in the earlier telephone call, before my Managed Account Agreement was sent to me, that I had no interest in trading and did not wish to pursue the matter.
I contacted two members of staff via webchat, who informed me that my second withdrawal request was denied due to insufficient funds. However, on my trading client account it still marks my request as “pending”. Furthermore, I was informed on the web chat that the minimum amount to be withdrawn from my account would be determined by my account manager. The account manager that I have not authorised to manage my account, as I haven't signed the form allowing them to.
So effectively I can't close my account because it has funds on it, but they won't let me withdraw the funds because that needs an account manager.. It's an endless cycle.
The company seems very obscure, and not many reviews exist of it, but the three that I saw were very critical accusing them of not allowing withdrawals.
Their terms and conditions, as well as bonus terms and conditions (https://www.brokerz.com/legal/#/) state things such as:
"These Bonus Terms and Conditions shall be governed by the law of the Marshall Islands, without giving effect to the principles of the conflict of laws."
"These Terms and any relationship between the Company and the Client shall be governed by law applicable in Anguilla and subject to the exclusive jurisdiction of the Seychelles courts. The Company shall have the right, in order to collect funds owed to the Company by Client or to protect the Company's rights such as good-name, intellectual property, privacy etc., to immediately bring legal proceedings against Client, in the Client's residency and according to the Client's residency applicable law."

So, apart from being a lesson in not being scammed, and not using unlicensed traders, I've got a few questions:

1.) The company is registered in Sofia, Bulgaria, but they mention the Marshall Islands (Pacific), Seychelles (North of Madagascar) and Anguilla (Caribbean) in their terms (see above)? Legally how does that work? That seems quite fishy to me.
2.) None of this was ever in writing. I opened the account in a state of scam-induced confusion over the phone, but never signed anything. How much power do they have legally over me if nothing is in writing?
3.) I've basically resigned myself to the fact that the money invested is a write-off. It's a significant, but not huge sum of money, but I just want to close my account and move on with my life. The problem is this, in the terms and conditions:
"Dormant Fee: Brokerz will charge dormant account balance, for inactivity in trading of 45 days and above, for the sum of 100$ a monthly fee after this period of time ."
So if that fee runs down my account, fine, but will my trading account then go into debit? Will I suddenly see -100, -200 etc. for every month I don't trade with them? And should I not wish to pay that fee, would that make me legally vulnerable, despite never having signed anything? And since the company is unlicenced and I live in the UK, and there are three jurisdictions mentioned in the terms, how would any legal dispute work?

I've sent them an requesting an immediate withdrawal and cancellation of the account. But basically, what happens from here? How liable am I to any legal pursuits?
Long post, and this may be the wrong subreddit, or the wrong questions to ask, but at the moment I'm pretty much at my wit's end. Thank you for any replies or help.
Best regards.
submitted by aclumpofplinths to Forex [link] [comments]

(6/14) - Thursday's Stock Market Movers & News

Good morning traders of the StockMarket sub! Welcome to Thursday! Here are your stock movers & news this morning-

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Frontrunning: June 14th

STOCK FUTURES NOW:

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TODAY'S MARKET HEAT MAP:

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TODAY'S S&P SECTORS:

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TODAY'S ECONOMIC CALENDAR:

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THIS WEEK'S ECONOMIC CALENDAR:

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THIS WEEK'S IPO'S:

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THIS WEEK'S EARNINGS CALENDAR:

($ADBE $GOOS $RH $PLAY $BITA $HRB $KMG $YTRA $MIK $SBLK $CASY $LE $FNSR $KFY $TLRD $SAIC $FRED $JBL $LMNR $OXM $SNOA$APPS $PVTL $JW.A $DTEA $TNP $CRWS $CHKE $CULP $AZRE)
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:

($MIK $TLRD $FRED $SNOA $CULP $MPAA)
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EARNINGS RELEASES BEFORE THE OPEN TODAY:

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EARNINGS RELEASES AFTER THE CLOSE TODAY:

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THIS MORNING'S ANALYST UPGRADES/DOWNGRADES:

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THIS MORNING'S INSIDER TRADING FILINGS:

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TODAY'S DIVIDEND CALENDAR:

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N/A.

THIS MORNING'S MOST ACTIVE TRENDING DISCUSSIONS:

  • MIK
  • IQ
  • TSLA
  • ORCL
  • NTDOY
  • TLRD
  • XPO
  • RCL
  • MYL
  • PVTL
  • COF
  • CMCSA
  • FNSR
  • TYPE
  • TEX
  • STLD
  • ETSY
  • HUYA
  • FOXA
  • GALT
  • XLF
  • MD
  • KTWO
  • REN
  • GOGL
  • CPLG
  • SAGE
  • CLVS
  • BBW
  • PII

THIS MORNING'S STOCK NEWS MOVERS:

(source: cnbc.com)
Comcast – Comcast is offering $65 billion for 21st Century Fox assets that Fox had already agreed to sell to Walt Disney. The bid by the NBCUniversal and CNBC parent is worth $35 per share and represents a 20 percent premium over Disney's all-stock offer. Disney is lining up financing for a possible counteroffer that would include a cash component, according to The Wall Street Journal. Fox acknowledged receiving the bid and said it would review it.

STOCK SYMBOL: CMCSA

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Oracle – J.P. Morgan Securities downgraded the business software maker's stock to "neutral" from "overweight," saying the company's fundamental performance has been inconsistent even as the stock price has been rising.

STOCK SYMBOL: ORCL

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Royal Caribbean – The cruise line operator is buying a 66.7 percent stake in privately held luxury cruise line Silversea Cruises for $1 billion.

STOCK SYMBOL: RCL

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Michaels – The crafts retailer beat estimates by a penny a share, with adjusted quarterly profit of 39 cents per share. Revenue also beat forecasts. Michaels posted a comparable-store sales increase of 0.4 percent compared to a year earlier. However, Michaels gave a weaker-than-expected current-quarter forecast and said comparable sales would be about flat.

STOCK SYMBOL: MIK

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Tesla – CEO Elon Musk has bought an additional 72,500 shares of the automaker, worth about $24.9 million, according to a Securities and Exchange Commission filing. Musk now owns about 33.7 million shares worth about $11.6 billion.

STOCK SYMBOL: TSLA

(CLICK HERE FOR LIVE STOCK QUOTE!)
Tailored Brands – The company reported adjusted quarterly profit of 50 cents per share, 2 cents a share above estimates. The apparel retailer's revenue also topped forecasts. However, the parent of Jos. A. Bank, Men's Wearhouse, and other apparel chains posted a 2.1 percent increase in comparable-store sales, falling below a 2.5 percent consensus estimate.

STOCK SYMBOL: TLRD

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Gap – The apparel retailer named former Billabong International and Eddie Bauer CEO Neil Fiske as president and chief executive officer of its flagship Gap apparel brand.

STOCK SYMBOL: GPS

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Unilever – Unilever said it was "extremely unlikely" that the consumer products maker's stock would remain in Britain's FTSE 100 index once it moves its headquarters to the Netherlands.

STOCK SYMBOL: UL

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General Electric – GE was urged by France's finance minister to stick to its commitment to create 1,000 jobs at energy producer Alstom. GE had made that commitment when it bought Alstom's energy business in 2015, but GE subsequently said the target was out of reach.

STOCK SYMBOL: GE

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Microsoft – Microsoft is working on technology that would eliminate cashiers and checkout lines from stores, according to a Reuters report. That would represent a challenge to Amazon's automated grocery stores.

STOCK SYMBOL: MSFT

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Mylan – The drugmaker said it was informed by the Food and Drug Administration that its generic version of GlaxoSmithKline's inhaled lung drug Advair could not be approved because of "minor deficiencies." It was Mylan's second rejection for its generic Advair product.

STOCK SYMBOL: MYL

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Twitter – Twitter has retooled its service to more prominently suggest news stories and real-time events for users to follow. The changes will be rolled out to Twitter mobile app users over the next few months.

STOCK SYMBOL: TWTR

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Apple – Apple is working on a feature that The Wall Street Journal said may make it more difficult for law enforcement officials to retrieve data from iPhones. Apple said the feature is designed to strengthen safeguards against all potential intruders and that it is not designed to frustrate law enforcement efforts.

STOCK SYMBOL: AAPL

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FULL DISCLOSURE:

bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.

DISCUSS!

What is on everyone's radar for today's trading day ahead here at StockMarket?

I hope you all have an excellent trading day ahead today on this Thursday, June 14th, 2018! :)

submitted by bigbear0083 to StockMarket [link] [comments]

Subreddit Stats: btc posts from 2019-05-28 to 2019-06-07 10:40 PDT

Period: 10.34 days
Submissions Comments
Total 850 14116
Rate (per day) 82.22 1245.55
Unique Redditors 440 1828
Combined Score 26564 50495

Top Submitters' Top Submissions

  1. 3690 points, 33 submissions: MemoryDealers
    1. Brains..... (420 points, 94 comments)
    2. The first trade has already happened on Local.bitcoin.com! (193 points, 67 comments)
    3. China is already leading the way with the most trades done on local.bitcoin.com, followed by India. We really are helping free the world! (192 points, 58 comments)
    4. More than 100 BCH has been raised in just a few days to help support BCH protocol development! (180 points, 63 comments)
    5. The Bitcoin Cash Protocol Development Fund has already raised more than 10% of its goal from 467 separate transactions!!! (180 points, 58 comments)
    6. Local.bitcoin.com (159 points, 80 comments)
    7. The BCH miners are good guy heroes! (152 points, 161 comments)
    8. The Bitcoin.com YouTube channel just pased 25K subscribers (147 points, 19 comments)
    9. Ways to trigger a BTC maximalist: Remind them that because they didn't increase the block size, fees will eventually climb to dumb levels again. This will put brakes on it's bull trend, and funnel cash into alts instead. (141 points, 107 comments)
    10. Why more and more people are switching from BTC to BCH (137 points, 193 comments)
  2. 1561 points, 20 submissions: money78
    1. "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow." (261 points, 131 comments)
    2. Jonathan Toomim: "At 32 MB, we can handle something like 30% of Venezuela's population using BCH 2x per day. Even if that's all BCH ever achieved, I'd call that a resounding success; that's 9 million people raised out of poverty. Not a bad accomplishment for a hundred thousand internet geeks." (253 points, 180 comments)
    3. CEO of CoinEx: "CoinEx already add SLP token solution support. The first SLP token will list on CoinEx Soon. Also welcome apply to list SLP tokens on CoinEx." (138 points, 18 comments)
    4. "While Ethereum smart contracts have a lot more functionality than those in Bitcoin Cash, with the upcoming CashScript we've tried to replicate a big part of the workflow, hopefully making it easier for developers to engage with both of these communities. Check it out 🚀" (120 points, 35 comments)
    5. Bitcoin ABC 0.19.7 is now available! This release includes RPC and wallet improvements, and a new transaction index database. See the release notes for details. (104 points, 5 comments)
    6. Vin Armani: "Huge shout out to the @BitcoinCom wallet team! I just heard from a very authoritative source that multi-output BIP 70 support has been successfully tested and will be in a near-term future release. Now, the most popular BCH wallet will support Non-Custodial Financial Services!" (88 points, 23 comments)
    7. BSV folks: Anything legal is good...We want our coin to be legal! (79 points, 66 comments)
    8. BCH fees vs BTC fees (78 points, 85 comments)
    9. "This @CashShuffle on BCH looks awesome. The larger blocksize on BCH allows for cheap on-chain transactions. @CashShuffle leverages this in a very creative way to gain privacy. Ignoring the tribalism, it's fascinating to watch BCH vs. BTC compete in the marketplace." (77 points, 3 comments)
    10. Bitcoin Cash the best that bitcoin can be...🔥💪 (60 points, 9 comments)
  3. 1413 points, 18 submissions: Egon_1
    1. "The claim “Bitcoin was purpose-built to first be a Store of Value” is false. In this article I've posting every single instance I could find across everything Satoshi ever wrote related to store of value or payments. It wasn't even close. Payments win." (299 points, 82 comments)
    2. The Art of Rewriting History ... File this under Deception! (184 points, 69 comments)
    3. Today's Next Block Fee: BTC ($3.55) and BCH ($0.00). Enjoy! (120 points, 101 comments)
    4. Andreas Brekken: "The maxi thought leaders have a ⚡in their username but can't describe a bidirectional payment channel. Ask questions? They attack you until you submit or leave. Leave? You're a scammer....." (115 points, 11 comments)
    5. Tone Vays: "So I will admit, I did terrible in the Malta Debate vs @rogerkver [...]" (107 points, 95 comments)
    6. This Week in Bitcoin Cash (96 points, 10 comments)
    7. “There was no way to win that debate. Roger came armed with too much logic and facts.” (78 points, 1 comment)
    8. BTC supporter enters a coffee shop: "I like to pay $3 premium security fee for my $4 coffee ☕️" (64 points, 100 comments)
    9. Matt Corallo: "... the worst parts of Bitcoin culture reliably come from folks like @Excellion and a few of the folks he has hired at @Blockstream ..." (63 points, 43 comments)
    10. Angela Walch: "Is there a resource that keeps an up-to-date list of those who have commit access to the Bitcoin Core Github repo & who pays them for their work on Bitcoin? In the past, getting this info has required digging. Is that still the case? " (57 points, 5 comments)
  4. 852 points, 11 submissions: jessquit
    1. PSA: BTC not working so great? Bitcoin upgraded in 2017. The upgraded Bitcoin is called BCH. There's still time to upgrade! (185 points, 193 comments)
    2. Nobody uses Bitcoin Cash (178 points, 89 comments)
    3. Yes, Bitcoin was always supposed to be gold 2.0: digital gold that you could use like cash, so you could spend it anywhere without needing banks and gold notes to make it useful. So why is Core trying to turn it back into gold 1.0? (112 points, 85 comments)
    4. This interesting conversation between Jonathan Toomim and @_drgo where jtoomim explains how large blocks actually aren't a centralization driver (89 points, 36 comments)
    5. This Twitter conversation between Jonathan Toomim and Adam Back is worth a read (75 points, 15 comments)
    6. In October 2010 Satoshi proposed a hard fork block size upgrade. This proposed upgrade was a fundamental factor in many people's decision to invest, myself included. BCH implemented this upgrade. BTC did not. (74 points, 41 comments)
    7. what do the following have in common: Australia, Canada, USA, Hong Kong, Jamaica, Liberia, Namibia, New Zealand, Singapore, Taiwan, Caribbean Netherlands, East Timor, Ecuador, El Salvador, the Federated States of Micronesia, the Marshall Islands, Palau, Zimbabwe (47 points, 20 comments)
    8. Core myth dispelled: how Bitcoin offers sovereignty (45 points, 65 comments)
    9. Satoshi's Speedbump: how Bitcoin's goldlike scarcity helps address scaling worries (25 points, 9 comments)
    10. Greater Fool Theory (14 points, 13 comments)
  5. 795 points, 7 submissions: BitcoinXio
    1. Erik Voorhees on Twitter: “I wonder if you realize that if Bitcoin didn’t work well as a payment system in the early days it likely would not have taken off. Many (most?) people found the concept of instant borderless payments captivating and inspiring. “Just hold this stuff” not sufficient.” (297 points, 68 comments)
    2. On Twitter: “PSA: The Lightning Network is being heavily data mined right now. Opening channels allows anyone to cluster your wallet and associate your keys with your IP address.” (226 points, 102 comments)
    3. Shocking (not): Blockstream has had a hard time getting business due to their very bad reputation (73 points, 25 comments)
    4. While @PeterMcCormack experiments with his #LightningNetwork bank, waiting over 20 seconds to make a payment, real P2P #Bitcoin payments have already arrived on #BitcoinCash. (66 points, 94 comments)
    5. This is what we’re up against. Mindless sheep being brain washed and pumping Bitcoin (BTC) as gold to try to make a buck. (56 points, 29 comments)
    6. Tuur Demeester: “At full maturity, using the Bitcoin blockchain will be as rare and specialized as chartering an oil tanker.” (54 points, 61 comments)
    7. ‪Bitcoin Cash 101: What Happens When We Decentralize Money? ‬ (23 points, 2 comments)
  6. 720 points, 2 submissions: InMyDayTVwasBooks
    1. A Reminder Why You Shouldn’t Use Google. (619 points, 214 comments)
    2. 15 Years Ago VS. Today: How Tech Scales (101 points, 53 comments)
  7. 485 points, 15 submissions: JonyRotten
    1. Cashscript Is Coming, Bringing Ethereum-Like Smart Contracts to Bitcoin Cash (96 points, 6 comments)
    2. Localbitcoins Removes In-Person Cash Trades Forcing Traders to Look Elsewhere (86 points, 26 comments)
    3. Bitcoin.com's Local Bitcoin Cash Marketplace Is Now Open for Trading (48 points, 22 comments)
    4. Report Insists 'Bitcoin Was Not Purpose-Built to First Be a Store of Value' (48 points, 8 comments)
    5. BCH Businesses Launch Development Fund for Bitcoin Cash (36 points, 1 comment)
    6. Another Aspiring Satoshi Copyrights the Bitcoin Whitepaper (31 points, 0 comments)
    7. Bitcoin Cash and SLP-Fueled Badger Wallet Launches for iOS (27 points, 0 comments)
    8. Bitcoin Mining With Solar: Less Risky and More Profitable Than Selling to the Grid (26 points, 0 comments)
    9. Former Mt Gox CEO Mark Karpeles Announces New Blockchain Startup (25 points, 25 comments)
    10. Mixing Service Bitcoin Blender Quits After Bestmixer Takedown (23 points, 7 comments)
  8. 426 points, 2 submissions: btcCore_isnt_Bitcoin
    1. Ponder the power of propaganda, Samson Mow, Adam Back and Greg Maxwell all know how import control of bitcoin is. (394 points, 98 comments)
    2. How many Bitcoin Core supporters does it take to change a light bulb? (32 points, 35 comments)
  9. 369 points, 3 submissions: where-is-satoshi
    1. Currently you must buy 11,450 coffees on a single Lightning channel to match the payment efficiency of Bitcoin BCH - you will also need to open an LN channel with at least $47,866 (230 points, 173 comments)
    2. North Queensland's Beauty Spot finds Bitcoin BCH a thing of beauty (74 points, 6 comments)
    3. Can't start the day without a BCHinno (65 points, 9 comments)
  10. 334 points, 5 submissions: AD1AD
    1. You Can Now Send Bitcoin Cash to Mobile Phones in Electron Cash Using Cointext! (132 points, 32 comments)
    2. Merchants are Dropping Multi-Coin PoS for One Cryptocurrency: Bitcoin Cash (73 points, 21 comments)
    3. A Stellar Animated Video from CoinSpice Explaining how CashShuffle Works Under the Hood! (67 points, 10 comments)
    4. If you haven't seen the "Shit Bitcoin Cash Fanatics Say" videos from Scott Rose (The Inspirational Nerd), YOU NEED TO DO IT NOWWW (50 points, 7 comments)
    5. New Video from Bitcoin Out Loud: "Can You Store Data on the Bitcoin Blockchain?" (Spoiler: Not really.) (12 points, 10 comments)
  11. 332 points, 6 submissions: eyeofpython
    1. I believe the BCH denomination is the best (in contrast to bits, cash and sats), if used with eight digits & spaces: 0.001 234 00 BCH. This way both the BCH and the satoshi amount is immediately clear. Once the value of a satoshi gets close to 1¢, the dot can simply be dropped. (112 points, 41 comments)
    2. Only after writing more BCH Script I realized how insanely usefull all the new opcodes are — CDS and those activated/added back in May '18. Kudos to the developers! (104 points, 22 comments)
    3. CashProof is aready so awesome it can formally prove all optimizations Spedn uses, except one. Great news for BCH smart contracts! (51 points, 6 comments)
    4. Proposal for a new opcode: OP_REVERSE (43 points, 55 comments)
    5. My response on your guy's critisism of OP_REVERSE and the question of why the SLP protocol (and others) don't simply switch to little endian (20 points, 25 comments)
    6. random post about quantum physics (both relevant and irrelevant for Bitcoin at the same time) (2 points, 11 comments)
  12. 322 points, 6 submissions: unitedstatian
    1. BCH is victim to one of the biggest manipulation campaigns in social media: Any mention of BCH triggered users instantly to spam "BCASH".. until BSV which is a BCH fork and almost identical to it pre-November fork popped out of nowhere and suddenly social media is spammed with pro-BSV posts. (131 points, 138 comments)
    2. LocalBitcoins just banned cash. It really only goes to show everything in the BTC ecosystem is compromised. (122 points, 42 comments)
    3. The new narrative of the shills who moved to promoting bsv: Bitcoin was meant to be government-friendly (33 points, 138 comments)
    4. Hearn may have been the only sober guy around (21 points, 29 comments)
    5. PSA: The economical model of the Lightning Network is unsound. The LN will support different coins which will be interconnected and since the LN tokens will be transacted instead of the base coins backing them up their value will be eroded over time. (14 points, 8 comments)
    6. DARPA-Funded Study Looks at How Crypto Chats Spread on Reddit (1 point, 0 comments)
  13. 313 points, 8 submissions: CreativeName44
    1. Venezuela Hidden Bitcoin Cash paper wallet claimed with 0.17468 BCH! Congrats to the one who found it! (80 points, 0 comments)
    2. Alright BCH Redditors, Let's make some HUGE noise!! Announcing The NBA finals Toronto Raptors Hidden BCH Wallet!! (60 points, 9 comments)
    3. FindBitcoinCash gaining traction around the world - Calling out to Bitcoin Cashers to join the fun!! (41 points, 0 comments)
    4. The Toronto Raptors Bitcoin Cash Wallet has been hidden: Address qz72j9e906g7pes769yp8d4ltdmh4ajl9vf76pj0v9 (PLS RT - Some local media tagged on it) (39 points, 0 comments)
    5. This is the next BitcoinCash wallet that is going to be hidden, hopefully REALLY soon! (36 points, 13 comments)
    6. Bitcoin Cash Meetups From Around the World added to FindBitcoinCash (25 points, 0 comments)
    7. FindBitcoinCash Wallets in other languages English/Spanish/Lithuanian/Swedish/Korean (20 points, 18 comments)
    8. Thank you for a great article!! (12 points, 0 comments)
  14. 312 points, 1 submission: scriberrr
    1. WHY? (312 points, 49 comments)
  15. 311 points, 4 submissions: Anenome5
    1. Libertarian sub GoldandBlack is hosting a free, live online workshop about how to setup and use Electron Cash on Sat 1st June via discord, including how to use Cashshuffle, with a Q&A session to follow. All are invited! (119 points, 40 comments)
    2. For anyone who still hasn't seen this, here is Peter Rizun and Andrew Stone presenting their research on how to do 1 gigabyte blocks, all the way back in 2017 at the Scaling Bitcoin Conference. The BTC camp has known we can scale bitcoin on-chain for years, they just don't want to hear it. (92 points, 113 comments)
    3. @ the trolls saying "No one uses Bitcoin Cash", let's look at the last 60 blocks... (72 points, 84 comments)
    4. Research Reveals Feasibility of 1TB Blocks, 7M Transactions per Second (28 points, 22 comments)
  16. 293 points, 2 submissions: BeijingBitcoins
    1. /Bitcoin mods are censoring posts that explain why BitPay has to charge an additional fee when accepting BTC payments (216 points, 110 comments)
    2. Meetups and adoption don't just happen organically, but are the result of the hard work of passionate community members. There are many others out there but these girls deserve some recognition! (77 points, 9 comments)
  17. 282 points, 1 submission: EddieFrmDaBlockchain
    1. LEAKED: Attendee List for Buffet Charity Lunch (282 points, 98 comments)
  18. 273 points, 4 submissions: HostFat
    1. Breakdown of all Satoshi’s Writings Proves Bitcoin not Built Primarily as Store of Value (159 points, 64 comments)
    2. Just to remember - When you are afraid that the market can go against you, use the state force. (48 points, 5 comments)
    3. CypherPoker.JS v0.5.0 - P2P Poker - Bitcoin Cash support added! (35 points, 3 comments)
    4. Feature request as standard for all bch mobile wallets (31 points, 12 comments)
  19. 262 points, 3 submissions: CaptainPatent
    1. Lightning Network capacity takes a sudden dive well below 1k BTC after passing that mark back in March. (97 points, 149 comments)
    2. Yeah, how is it fair that Bitpay is willing to eat a $0.0007 transaction fee and not a $2+ transaction fee?! (89 points, 59 comments)
    3. BTC Fees amplified today by last night's difficulty adjustment. Current (peak of day) next-block fees are testing new highs. (76 points, 59 comments)
  20. 262 points, 1 submission: Badrush
    1. Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes. (262 points, 100 comments)

Top Commenters

  1. jessquit (2337 points, 242 comments)
  2. LovelyDay (1191 points, 160 comments)
  3. Ant-n (1062 points, 262 comments)
  4. MemoryDealers (977 points, 62 comments)
  5. jtoomim (880 points, 108 comments)
  6. 500239 (841 points, 142 comments)
  7. jonald_fyookball (682 points, 86 comments)
  8. ShadowOfHarbringer (672 points, 110 comments)
  9. money78 (660 points, 41 comments)
  10. playfulexistence (632 points, 76 comments)
  11. Bagatell_ (586 points, 72 comments)
  12. Big_Bubbler (552 points, 196 comments)
  13. homopit (551 points, 79 comments)
  14. Anenome5 (543 points, 130 comments)
  15. WippleDippleDoo (537 points, 111 comments)
  16. MobTwo (530 points, 52 comments)
  17. FalltheBanks3301 (483 points, 87 comments)
  18. btcfork (442 points, 115 comments)
  19. chainxor (428 points, 71 comments)
  20. eyeofpython (425 points, 78 comments)

Top Submissions

  1. A Reminder Why You Shouldn’t Use Google. by InMyDayTVwasBooks (619 points, 214 comments)
  2. Brains..... by MemoryDealers (420 points, 94 comments)
  3. Ponder the power of propaganda, Samson Mow, Adam Back and Greg Maxwell all know how import control of bitcoin is. by btcCore_isnt_Bitcoin (394 points, 98 comments)
  4. WHY? by scriberrr (312 points, 49 comments)
  5. "The claim “Bitcoin was purpose-built to first be a Store of Value” is false. In this article I've posting every single instance I could find across everything Satoshi ever wrote related to store of value or payments. It wasn't even close. Payments win." by Egon_1 (299 points, 82 comments)
  6. Erik Voorhees on Twitter: “I wonder if you realize that if Bitcoin didn’t work well as a payment system in the early days it likely would not have taken off. Many (most?) people found the concept of instant borderless payments captivating and inspiring. “Just hold this stuff” not sufficient.” by BitcoinXio (297 points, 68 comments)
  7. LEAKED: Attendee List for Buffet Charity Lunch by EddieFrmDaBlockchain (282 points, 98 comments)
  8. Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes. by Badrush (262 points, 100 comments)
  9. "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow." by money78 (261 points, 131 comments)
  10. Jonathan Toomim: "At 32 MB, we can handle something like 30% of Venezuela's population using BCH 2x per day. Even if that's all BCH ever achieved, I'd call that a resounding success; that's 9 million people raised out of poverty. Not a bad accomplishment for a hundred thousand internet geeks." by money78 (253 points, 180 comments)

Top Comments

  1. 109 points: mossmoon's comment in Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes.
  2. 104 points: _degenerategambler's comment in Nobody uses Bitcoin Cash
  3. 96 points: FreelanceForCoins's comment in A Reminder Why You Shouldn’t Use Google.
  4. 94 points: ThomasZander's comment in "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow."
  5. 91 points: cryptotrillionaire's comment in The Art of Rewriting History ... File this under Deception!
  6. 87 points: tjonak's comment in A Reminder Why You Shouldn’t Use Google.
  7. 86 points: money78's comment in Tone Vays: "So I will admit, I did terrible in the Malta Debate vs @rogerkver [...]"
  8. 83 points: discoltk's comment in "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow."
  9. 79 points: jessquit's comment in Ways to trigger a Shitcoin influencer Part 1: Remind them that’s it’s very likely they got paid to shill fake Bitcoin to Noobs
  10. 78 points: PaladinInc's comment in The BCH miners are good guy heroes!
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

Caribbean Startup Bitt Secures Seed Round USD$1.5 Million in Capital Led by Avatar Capital, to Bring Digital Currency Financial Services to Emerging Markets.

Caribbean Startup Bitt Secures Seed Round USD$1.5 Million in Capital Led by Avatar Capital, to Bring Digital Currency Financial Services to Emerging Markets.
Powered by AlphaPoint's state-of-the-art technology, Bitt releases its flagship service—the Bitt Exchange—to the public.
BRIDGETOWN, BARBADOS—March 30, 2015 – Founded in 2013 by Gabriel Abed and Oliver Gale, Bitt is a digital asset exchange, remittance channel, and merchant-processing gateway based in Barbados. Bitt, Inc. has partnered with Avatar Capital to expand operations in the growing cryptocurrency industry. This latest partnership has firmly established Bitt as the frontrunner in the Caribbean’s burgeoning cryptocurrency ecosystem.
Launch
Powered by AlphaPoint’s state-of-the-art technology designed by veteran Wall Street traders, Bitt’s trading platform is a highly powerful, user-friendly exchange that allows clients to trade securely and seamlessly. Bitt facilitates international Bitcoin trading in 11 major fiat currencies, such as the US Dollar (USD), Great Britain Pound (GBP), Canadian Dollar (CAD), Euro (EUR), and Barbadian Dollar (BBD).
“We were very excited to be selected by Bitt to power their exchange and support their vision of lowering costs for payments and remittances,” said Vadim Telyatnikov, CEO of AlphaPoint. “By connecting their platform to global exchanges, Bitt can offer Caribbean residents competitive exchange rates and deep liquidity from around the world.”
Funding
Bitt closed its landmark $1.5 million seed round from Avatar Capital, a Caribbean investment group based in Trinidad and Tobago. This initial capital investment will allow Bitt to continue to develop and expand its core services.
“Avatar backs Bitt with full confidence,” said Peter George, Director of Avatar Capital. “We are pleased to invest in the development of the cryptocurrency industry in the region. It is our hope that this investment benefits the people of the Caribbean and becomes the catalyst for digital currency trading in this part of the world.”
Serving the Underbanked
“The Bitt Exchange is a cornerstone project for digital finance in the Caribbean. By facilitating trade between traditional and digital currency markets, Bitt is creating the platform for very low-cost international commerce and remittance between the people who need it most - the millions of unbanked and underbanked citizens in the Caribbean,” said Gabriel Abed, Bitt CEO. Abed was recently recognized by Wall Street Journal as ‘Mr. Bitt.’ In Paul Vigna’s recently released book, “The Age of Cryptocurrency,” Abed is quoted as viewing “digital currency’s low transaction fees as a quantum leap for small Caribbean nations that currently maintain their own currencies.” Emphasis on Security and Performance Bitt provides a high-frequency trading platform, which boasts military-grade security. With an independent multi-signature HD wallet system, which maintains 95% of customer Bitcoin offline, Bitt users can buy and sell cryptocurrency with peace of mind, knowing their assets are secure. “With a team of financial experts, IT network security engineers, cryptographers, and software developers from around the world, as well as banking facilities and asset liquidity spanning many major international fiat currencies, Bitt is poised to become the leading digital currency exchange in the Caribbean region,” said Oliver Gale, Bitt’s CFO.
About Bitt
Bitt is a Caribbean-based digital asset exchange, remittance channel, and merchant-processing gateway. With a high-frequency trading platform, rigorous security and an easy-to-use trading interface, the Bitt exchange is an ideal solution for individual or professional trading. Bitt’s core focus is on providing the highest levels of access, safety, customer service, transparency and accountability, visit www.bitt.com.
About AlphaPoint
AlphaPoint (est. in 2013) is the leading exchange technology platform provider to support digital currencies. The company powers some of the top bitcoin and alt-coin exchanges in the world, and is faster than traditional exchanges with the ability to process nearly one million transactions per second. By easing the adoption of digital currencies, AlphaPoint's secure, scalable, and customizable platform is helping change how businesses and consumers transact. AlphaPoint has offices in New York City, Philadelphia, and San Francisco. For more information, visit www.alphapoint.com.
submitted by AnalyzerX7 to Bitcoin [link] [comments]

Bitcoin for passport and citizenship!! Rich people can now fulfill the tax heaven dreams easily...

This is a nice article I saw on Yahoo!
http://finance.yahoo.com/news/bitcoin-jesus-offers-passport-tax-072001465.html;_ylt=AwrBEiF3V59TnxMAHdWh7IlQ
Open Yahoo Finance Open SearchCancel
‘Bitcoin Jesus’ Offers Passport, Tax-Free Tropical Paradise for Wealthy Clients Bloomberg By Jason Clenfield and Pavel Alpeyev 7 hours ago He's known as Bitcoin Jesus in the world of cyber-currencies. Though he can't promise you heaven, he is offering a haven: a condo in the Caribbean that comes with a new passport and almost zero taxes.
Meet Roger Ver, ex-U.S. citizen, ex-convict, millionaire investor, self-described libertarian and founder of Passports for Bitcoin.com.
More from Bloomberg.com: ‘Bitcoin Jesus' Calls Rich to Tax-Free Tropical Paradise
The ever-expanding universe of what you can buy with bitcoins includes a hotel stay in Rome, a kimono in Tokyo, and cable TV in the U.S. Ver, a pioneer investor in bitcoin startups, now says he can add citizenship to the list.
Specifically, that's the right to live in the Federation of St. Kitts and Nevis, two sun-kissed islands a three-hour flight from Miami. St. Kitts has run an invest-and-become-a-citizen program since 1984, making it the oldest of its kind, says the country's website.
More from Bloomberg.com: Iraq Army Tries to Roll Back Sunni Militants' Advance
Plunk down $400,000 for real estate and you get a passport that allows visa-free travel to 120 countries. There are no taxes on personal income or capital gains and the islands' restrictive disclosure laws offer shelter from outside scrutiny, according to the Tax Justice Network, a think tank that studies secrecy jurisdictions.
Ver's website, in English, Russian and Chinese, offers a way to purchase a piece of that paradise with bitcoins. He says it will help people who are hemmed in by government restrictions on cash transactions.
More from Bloomberg.com: Medtronic Is Biggest Yet to Renounce U.S. Tax Citizenship
"I'm going to China next month to explain to people that bitcoin is the easiest way to pay for things outside the country," Ver said during a meeting this month at the plush 51st floor lounge of Tokyo's Roppongi Hills.
Trader, Hacker, Boxer A trim 35-year-old with a crew cut, in a black polo shirt and slacks, Ver looked a little like an electronics salesman at a big-box retailer. Still, a crowd of followers hung on his every word. A former derivatives trader at Goldman Sachs Group Inc., a hacker, and a professional boxer were all there to pitch ideas or talk bitcoin with the master.
Ver got rich investing in bitcoin early and has become a regular speaker at industry conferences. He's provided seed funds for a dozen prominent startups including Kraken, an exchange where people buy and sell the digital currency, and Blockchain, an online wallet used to store it.
Bitcoin was invented in 2008 as a currency that could be used without government oversight. That's drawn people who want to trade illicit goods like drugs and guns. It's also gained support from libertarians like Peter Thiel, the billionaire co-founder of PayPal who plans to build an artificial island where people can do whatever they want. Ver's passport site, his latest venture, is a scaled down version of that ideal.
Evade Taxes "St. Kitts' government is much more libertarian compared with the U.S.," Ver said. "It's not even close. So all these early bitcoin adopters, of course if they have the means, they'd rather be a citizen of St. Kitts."
However they pay to get in, people usually seek out countries like St. Kitts so they can evade taxes, says John Christensen, director of the Tax Justice Network. The U.S. Treasury Department last month said the island's passports are being used to facilitate financial crime.
"To be blunt, we talk about places like St. Kitts as places where you go to escape from responsibilities," Christensen, an expert on tax havens, said by phone from London. "St. Kitts sells secrecy on the international market and, unsurprisingly, attracts all types of dirty money."
Gaining Citizenship Erasmus Williams, press secretary for St. Kitts, didn't respond to phone calls or e-mailed questions about the Citizenship-By-Investment program.
A woman who answered the phone at the Office of the Prime Minister said the program is "not a matter of buying passports, it's about gaining citizenship."
Nonetheless, no residency or visit is needed, just that $400,000 investment -- re-sellable after five years -- or a non-refundable $250,000 donation to the country, according to St. Kitts's official website.
For those who don't get the message the first time, the site repeats in bold print: "No personal visit required."
Still, wealthy Chinese have a tough time buying in because government limits on money transfers stop them from sending more than $50,000 worth of cash overseas each year.
"The processing agent in St. Kitts told me he feels bad for all of his Chinese clients," Ver said. "They have to reach out to all different friends and relatives and get them to all send the money in drips and drabs. Bitcoin solves all of that."
Anonymous Ledger That's because it was designed to be anonymous. While an online public ledger stores every single Bitcoin transaction, the entries don't include the names and addresses required for bank accounts.
In practical terms, a person in Beijing can buy bitcoins at home through BTC China, OKCoin or numerous other exchanges. With a few swipes on a smartphone, the money can then be beamed to St. Kitts with no government on Earth the wiser.
The U.S. lost its allure for Ver after he was sentenced to 10 months in federal prison after selling about 14 pounds of explosive without a license on the EBay auction site. The product, "Pest Control Report 2000," was basically a firecracker to scare birds away from cornfields, Ver says.
Locked Up "I didn't do anything wrong. I didn't hurt anybody. I had nothing but happy customers and the U.S. government locked me in a cage because of that," he said. "So I want nothing to do with those people. I don't want to support them. I want them out of my life."
Ver moved to Tokyo after finishing probation in 2006. He got his St. Kitts passport on Feb. 13, 2014, and abandoned his U.S. citizenship by the end of the month.
"I would have done it the same day if I could," he said. "They told me I had to have a one-week cooling-off period. They said, ‘Did you know if you renounce citizenship, you won't be able to serve in the armed forces?' It was like, ‘darn.'"
The U.S. is unusual in taxing its citizens no matter where they live. Recent laws requiring disclosure of foreign bank accounts has driven up the number of wealthy Americans looking to sever ties with home. A record 2,999 renounced their citizenship in 2013.
Although Ver's computer parts business made him a millionaire by the time he was 25, the real money came after he bought tens of thousands of bitcoins in 2011. They cost about $1 each then. Today they trade at about $600, according to the CoinDesk price index.
Bitcoin Evangelist Ver said he earned his moniker, Bitcoin Jesus, by telling anyone who would listen about bitcoin well before other venture capital companies paid any attention to the digital currency.
One of the people who got a dose of Ver's sermons was the agent who processed his application for citizenship, Paul Bilzerian. Bilzerian is a former corporate raider who moved to St. Kitts after long battles with the U.S. Securities and Exchange Commission and two stints in prison for securities fraud and conspiracy to defraud the government of millions.
The two men bonded over the belief they'd been targeted by U.S. authorities, according to Ver. Together, they started passportsforbitcoin.com in April, Ver said.
Bilzerian, who is one of several-dozen licensed government processers in St. Kitts, declined to comment in an e-mail.
Their website says a second passport insulates you from governments that intrude on citizen's lives. The site also has testimonials from Ver and Bilzerian's son, Dan, a 30-something professional poker player with millions of followers on Instagram, where he posts pictures of himself with half-naked women, along with his gun collection. He didn't respond to e-mailed questions forwarded through his press agent.
"I value freedom more than almost anything else and a second or third passport provides me insurance just in case the U.S. government decides to value security over freedom," Bilzerian's son writes on the passport website.
submitted by openminded2014 to Bitcoin [link] [comments]

Grocery Shopping in the Caribbean and Paying With... Bitcoin? How About Crypto in the Caribbean? Cryptocurrency and Marijuana Stocks Update from the Caribbean Bitsonline - YouTube Oliver Gale CFO & Co-Founder bi.tt Caribbean Bitcoin Exchange

With 600 Bitcoin, Buy a Caribbean Slice of Heaven Reading Time: 2 minutes by Julia Travers on December 8, 2017 Bitcoin, Finance, News. An idyllic 13-acre Caribbean retreat at Bloody Beach Bay on Union Island has gone up on the market and can only be purchased with 600 bitcoin. On December 6, the price for bitcoin reached $13,000, so the property could be worth as much as $7.8 million. Bitcoin ... Bitt is a Bitcoin exchange based in the Caribbean. It has received over $10 million in venture capital funding. You can trade many currencies on the Bitt platform, including BBD, TTD, JMD, USD, EUR, and GBP. Pros . Trusted exchange backed by US investors; 1% fees are low for the markets that Bitt serves; USD, EUR, and GBP trading fees are very low at 0.2%; Cons. Not a private way to buy ... Eastern Caribbean Stock Exchange to Trial Tokenized Security Offerings Submitted by Anonymous (not verified) on Tue, 03/10/2020 - 18:41. Read more about Eastern Caribbean Stock Exchange to Trial Tokenized Security Offerings; Jamaica Stock Exchange to Launch Live Trading Pilot for Bitcoin and Ethereum Submitted by Anonymous (not verified) on Wed, 04/03/2019 - 16:56. Read more about Jamaica ... Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. A rally in the Bitcoin market has prompted traders to shift their capital from the booming decentralized finance sector. As of Wednesday, almost all the DeFi tokens have plunged... Yashu Gola 3 months ago; Ethereum Just Shot Up $250 But Don’t Bet on That... While Bitcoin was rejected at the $9,800 resistance, Ethereum has continued to press higher. The second-largest cryptocurrency is up ...

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Grocery Shopping in the Caribbean and Paying With... Bitcoin?

CCB How to Buy Bitcoin from Caribbean CEX IO LTD - Duration: 2:25. Caribbean Crypto Beauty 966 views. 2:25 . How to cash out your Bitcoin to a Jamaican Bank Account - Duration: 8:22. Money Bloc ... Is Bitcoin Trading at Better Levels than at the Peak of 2017? - Duration: 5 minutes, 30 seconds. 33 views; 10 months ago; 4:43. Bitcoin Breaks Past $5,000 USD Mark for First Time in 2019 ... Bitcoin Trading for Beginners (A Guide in Plain English) - Duration: 18:48. 99Bitcoins 133,045 views. 18:48 . How To Make $1000+ per Day With Penny Stocks In 2018 How To Day Trade - Duration: 8 ... Remove all; Disconnect; The next video is starting Bitcoin Cash Lands In The Caribbean Roger Ver Vlog 6 - Duration: 18:05. Bitcoin.com ... How Macro Trader Novogratz Became a Bitcoin Convert - Duration: 37:32. Bloomberg Markets and Finance ...

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