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The leaks that were distributed back then caused chaos for politicians and financial elites supporting the military industrial complex because they exposed horrific crimes against humanity. One specific video leaked in 2010 by Wikileaks called Collateral Murder displayed a U.S. helicopter gunning down targeted individuals but they also killed innocent people including children, journalists, and Reuters photographer Namir Noor-Eldeen age 22.After the trove of documents, files, and videos were released, Wikileaks faced a financial blockade where payment processors like Paypal, Visa, and Mastercard prevented the website from receiving donations. This was when the Bitcoin network came to the rescue and Wikileaks decided to accept the digital currency for donations. Chelsea Manning (then known as Bradley) was charged with treason and sent to Guantanamo Bay. Assange went on the run, faced charges in Sweden for an alleged rape case, and found himself hiding in the Ecuadorian Embassy in the U.K. for the next seven years. Manning was since pardoned by U.S. President Obama before he left office, but was recently arrested for indictment charges against her and Assange. After the April 11 arrest, Assange is now being held in London at the moment and may face charges in Sweden and be extradited to the U.S. as well.Lots of Bitcoin proponents have supported Assange and Wikileaks for years for leaking thought-provoking documents without hesitation. Since the arrest three days ago, Wikileaks and Assange have managed to gather $41,000 in BTC donations. Another endeavor that took place in order to show support for Wikileaks was when BCH programmer Chris Troutner uploaded the entire Wikileaks cache to the BCH chain and IPFS. This means the 30GB of files can be downloaded and viewed by anyone at any time for as long as the BCH and IPFS networks exist. The website Wikileaks.cash has the entire database which includes documents stemming from the controversial wars in Afghanistan and Iraq, leaked FBI data, Homeland Security papers, Barclay’s tax avoidance, the infamous Bilderberg meeting transcripts, and FEMA reports.Of course, Wikileaks.cash can be accessed directly but the archive can also be downloaded via torrent software. Troutner has also published step-by-step directions on how to help syndicate the Wikileaks archive over IPFS. Essentially, you need to install IPFS and initialize an IPFS node to get the daemon running. You can optionally connect the IPFS node to the cloud server and download the content, which also helps syndicate it. From there, you can pin the content so the computer will continue to share it. Troutner’s walkthrough is hosted on Memo.cash which is also embedded into the BCH chain.The bureaucracy today has created an Orwellian nightmare and many have grown worrisome about the removal of financial privacy and seeing whistleblowers being scorned for telling the truth. A system like Bitcoin, with its censorship resistance, yields many benefits that include furthering the dissemination of information the elite would like to stifle. Having the Wikileaks data hosted on the BCH chain and IPFS helps bolster the documents’ preservation and syndication over time. These days, telling the truth truly has become a revolutionary act and bitcoin cash, with the help of the community behind it, is helping to keep that insurrectionary spirit alive.What do you think about the Wikileaks cache being stored on the BCH chain and IPFS? Let us know what you think about this subject in the comments section below.Image credits: Shutterstock, Wiki Commons, Wikileaks.cash, Pixabay, and Twitter. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Markets.Bitcoin.com, another original and free service from Bitcoin.com. Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.(function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = 'https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.2'; fjs

ZED is a unique blockchain game where players build an empire by cultivating a stable full of champion racehorses.Firstly, thank you for having us on Altcoin Magazine and hello to all your readers; it is a pleasure to be here. Super Gyrus is a game first technology startup. We are super passionate about creating tomorrow’s immersive experiences. Right now, thanks to the advancement of blockchain and immersion technology such as augmented and virtual reality, there is a huge opportunity to produce the next-generation of interactive games.Blockchain technology gives us a new way to look at how players interact with in-game assets. Traditional games are closed circuit, in the way they are designed to lock up all in-game economics. Everything you purchase in-game remains within the walls on that particular game, granting you zero real-world ownership of the digital items you have paid or worked hard for. We are on a mission to set the new industry standard with accessible blockchain technology that enforces true ownership and a store of value that preserves the legacy.NFT’s (non-fungible-tokens) allow us to represent uniqueness in a radically new way. When combined with an Ethereum smart contract we can digitally verify, track and enforce performance factors like never before. Ownership and all transactions on ZED are completely immutable, recorded on-chain and governed by smart contracts.ZED will embody blockchain technology with an immersive and visual experience at its core. The games underlying infrastructure will support cross-app interoperability, reinforce genuine ownership, and the tracking of provable events live on the blockchain.The decentralized app (dApp) market actually turned over $6.7B in 2018. To put that in perspective that is $1.5B more than Apple’s app store first year in the market. There is definitely an exciting future ahead for anyone innovating in this space right now. We certainly forecast blue skies.As a kid and the youngest of four brothers, I started out playing video games on a Sega Master System II. I have very fond memories of out-scoring my older brothers playing Alex the Kid and Sonic the Hedgehog. In the afternoons, on the way home from school, it was endless rounds of Street Fighter II at my local arcade.My enthusiasm for games and storytelling did not end there. In 2010 I co-wrote a short comic called Sumoboy, which attracted interest from all kinds of creatives. This presented me with a chance to collaborate with talented individuals who had worked on blockbuster IP such as Halo, Lego Movie, Lord of the Rings, Battle: Los Angeles and Fallout among many others. It was an eye-opening experience that kick-started my quest for more.At the dawn of smartphone gaming, my professional career started in the mobile entertainment sector. I worked with publishers to form a network of distribution partnerships to drive millions of mobile users to games like Call of Duty: Black Ops. I have always been the creative type so eventually, I moved towards product innovation and user experience. This exposed me to various brands as well as publicly listed companies where I helped position digital entertainment products from video games to live sports.Super Gyrus is co-founded by Rob Salha. Rob, and I have been working with startups for the last five years. We have worked across multiple verticals, ranging from telecommunications, human resources, AI and now blockchain. Rob brings a level head to the team with a deep understanding of economic science and virtual currencies. We have both always had a passion for innovation and with our expertise now coupled with a talented team and the latest emerging technologies, we felt that the timing was right to pursue a concept like ZED and to build a business around it.Super Gyrus was co-founded in Australia late in 2018. We have a very experienced remote-first team of 7 who are completely dedicated to the ambitious ZED platform and its underlying technologies. We plan to unveil the project in stages to accumulate valuable community feedback throughout the development process.ZED gameplay is inspired by real-world horse racing. The economics are not overly complicated. Players set up a stable and buy digital racehorses with the aim to build a legacy with a stable full of champions. To build their legacy, players strategically breed and trade horses in an effort to cultivate winning racehorses. If a stable owner is clever enough, they can earn real returns along the way as well as building a prestigious reputation. In essence, it is a market-driven economy where the value of a racehorse can widely vary depending on performance factors, rarity and market demand. Think of it as a stock exchange for horses, the more valuable your horse is, the more likely another trader will be willing to pay for it. When a racehorse performs well or poorly at the racetrack its value can fluctuate.The economic model is a hybrid, where it is pay-to-play to get started, however, further spending is voluntary. Even if a player does not make another racehorse purchase, there is still an opportunity for them to earn potential profits through the breeding, trading and racing programs. To encourage the utility of ZED tokens, we have developed a proprietary racing engine that incorporates provably fair technology based on racehorses performance data, bloodline, and genotype to determine race outcomes and the distribution of prize-driven events. In addition, Super Gyrus has developed a lottery system that is built on top of the ZED racing engine. The automated lottery utilizes a 256-bit hash algorithm that periodically draws racehorses into events at no cost to racehorse owners. It is important to mention that in order to ensure profitability and ongoing development, ZED takes a small fee on all other transactions within the platform.ZED is not just an NFT based digital racehorse trading exchange. Super Gyrus is building scalable blockchain infrastructure for the visualization of interactive data. We want to translate data from live events and visually display them on the blockchain using immersion technology, thus making way for a Live Interface Broadcasting (LIB). A LIB can be incorporated into any activity that relies on the measurement of orientation, speed, distance, and velocity in real-time. LIB has a real-world use case and has the potential to fundamentally revolutionize competitive sports, entertainment, and other industries. When these technologies are coupled with an intuitive user interface and user-orientated experience, they allow anyone to interact and fairly engage with live events. This notion will make it possible to simulate all kinds of real-world events, such as the Kentucky Derby, Monaco Grand Prix and the Indianapolis 500 live on the blockchain. In this case, the possibilities are endless.Our focus right now is on getting the game model in ZED right. ZED is currently in Early Release, which simply means we are selling some of the racehorses within the very best bloodlines. Over the next few months, we will be incrementally releasing new functionality, starting with the stud farm which will enable racehorse owners to generate an offspring with the other top-tier racehorses in the marketplace. This will be followed by a trading and auction marketplace and then the racing engine.At this stage, we are very much a startup in every way imaginable; therefore there is a strong emphasis on forming the right relationships. The only way we are able to move forward is if the industry moves forward together. Over the next few weeks, we will be announcing some of these partnerships.Good question. Super Gyrus is developing scalable solutions that not only gives ZED an advantage, it also has the potential to create value for game developers and to push the industry forward in leaps and bounds. One of the areas we are especially interested in is Augmented and Virtual Reality (AR/VR). AR and VR technology will change the way we interact with data in relation to digital or physical objects. We will see the blockchain technology surface in more games as the industry adopts the flexible characteristics of the NFT ecosystem. Therefore, touching, feeling and interacting with a collectible digital asset is the logical next step.We have been proactive in this area, generating simulations and prototyping visualization with the help of leading augmented and virtual reality researchers and thought leaders from the largest digital animation studios and gaming companies in the world.We certainly see a bright future in this field and will be in a prime position to take every opportunity to deliver more out of this world experiences.We are very active on Discord, and Twitter, head over and join our growing communities there. We do encourage new members to engage with some of our die-hard fans. We also use Medium to blog about our latest news. Lastly, our FAQ page is super handy, so do some digging for yourself and feel free to openly ask us or our community questions. Other links include:If our mission excites you in any way, head over to the Early Release and purchase an elite racehorse. Right now there is a limited amount of Z1 racehorses from the Nakamoto bloodline available, you will kick yourself if you miss one. You can also stay up to date by keeping an eye on how many racehorses have been sold by visiting the 2019 Racing Roster.We hope to see you all on the racetrack. Here’s a guide on how to purchase your own racehorse:Follow us on Twitter, InvestFeed, Facebook, Instagram, LinkedIn, and join our Discord and Telegram.Read about our upcoming Altcoin Magazine Mastermind Event here.Our goal is to educate the world on crypto and to bring it to the hands and the minds of the masses. Made possible by cryptocurrency writers of the world.Our goal is to educate the world on crypto and ultimately to bring it to the hands and the minds of the masses. Brought to you by the best writers in the world.

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News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services.BITCOIN'S glory days appear to be over as the cryptocurrency enters its longest slump ever – with a value 80% down from its 2017 high.Trading volumes have been falling for 15 months, and the decline shows no sign of stopping.In December 2017, Bitcoin's value peaked at an enromous $19,000 – which is worth around £14,960 today.But Bitcoin is now worth just £3,015 apiece at the time of writing, which is an 80% drop.And according to researchers at tradeblock, the dollar-volume of Bitcoin being exchanged has been falling for nearly a year and a half.It marks a worrying trend for a cryptocurrency that has produced "instant billionaires" across the world.Last year, The Sun revealed how tracker site Deadcoins had logged more than 830 cryptocurrencies as "extinct"."At least 90% of all cryptocurrencies that exist right now are doomed to fail, die, or will basically be rejected, because the people who are primarily interested in them are money makers," Evgeny Chereshnev, founder of tech firm Biolink.Tech, told The Sun at the time."They're not businesses, scientists, academics or retailers. In most cases, this is due to the initial supply and demand, and it basically just enables them to make fast money."Evgeny described cryptocurrencies as being like a "pyramid scheme"."People invest to drive interest which, in turn, means others invest more money – and that drives the price," he explained.He said this inevitably leads to the price collapsing, killing off the currency for good.Bitcoin got you baffled? Here's what you really need to knowDeadcoins lists a whole host of reasons for virtual currencies dying off. These include simply being shut down, hacked, exposed as a scam, or revealed as a parody coin.Part of the problem is that Bitcoin doesn't have any value on its own – unlike traditional currencies."Cryptocurrency is ultimately an experiment that for all intents and purposes failed," Ross Rustici, Senior Director of Intelligence Services at Cybereason, previously told The Sun."It never achieved acceptance as a fiat currency that has intrinsic value on its own, and the marketplace is too unpredictable and prone to disruptions."People have poured huge amounts of money into Bitcoin with the promise of success, regardless.That's led to huge numbers of Bitcoin rivals springing up, hoping to make some quick cash from greedy investors."Because of the success of Bitcoin there will always be an influx of copycat or similar currencies trying to share the success of Bitcoin itself," Mark James, a security specialist at online safety firm ESET, told us last year."Cryptocurrency has made people a lot of money, and of course with any varying market, there is always a chance to lose money too – but that's the nature of gambling."It's easy to see the allure of Bitcoin – the price has fluctuated wildly over the years, making it possible to earn huge sums of money.In early 2010, it traded for just a few US cents, rising to $1 in early 2011.The first "bubble" was in Jule 2011 where it hit a high of $31 – only to fall down to $2 by December that same year.Bitcoin then grew quickly in recent years: April 2013 – $266 November 2013 – $1,000 April 2017 – $2,000 September 2017 – $5,000 November 2017 – $7,300 December 2017 – $19,800 Bitcoin ISN'T dead – the experts who think cryptocurrencies are here to staySome experts believe Bitcoin will continue to grow...Bob Loukas, founder of Bitcoin.Live: "The Bitcoin hype is definitely not over. "With mainstream uses being created every day, we are only beginning to see what this phenomenon can do. "One of the biggest misconceptions about Bitcoin and cryptocurrency is that it is a passing fad, or at best a bubble that will eventually pop. "The reality still remains that Bitcoin is one of the best performing assets of the decade across the board. "A good investor will know that the key to successful investment is to invest for the long term, not the short term and that they shouldn't panic sell when the price falls." Alexey Burdyko, CEO and Founder of Play2Live: "Bitcoin is currently going through the bear market and will, as it has done before, come out the other side and whilst it might not hit the heights of late 2017, it will still have considerable value. "It's fair to say 2018 has not been the best for the coin, with more than one hack affecting the price. "The market is unregulated and is incredibly volatile. "Anyone considering investing should be prepared to lose vast amounts before they begin to see a profit." Tube worker trying to pay for his wife's hospital treatment lost £16,000 to bitcoin investment scammers Some experts believe Bitcoin will continue to grow...Bob Loukas, founder of Bitcoin.Live: "The Bitcoin hype is definitely not over. "With mainstream uses being created every day, we are only beginning to see what this phenomenon can do. "One of the biggest misconceptions about Bitcoin and cryptocurrency is that it is a passing fad, or at best a bubble that will eventually pop. "The reality still remains that Bitcoin is one of the best performing assets of the decade across the board. "A good investor will know that the key to successful investment is to invest for the long term, not the short term and that they shouldn't panic sell when the price falls." It's not just the unpredictable price that's frustrated Bitcoin critics.The virtual currency is also notorious for its assocation with crime.Bitcoin is often used for illegal activities – including purchasing illegal goods. It's believed more than 36million illegal transactions have been made using Bitcoin, valued at roughly $72billion.Hack attacks are also common – Bloomberg reports the following thefts:There's now a great deal of scepticism over whether Bitcoin can ever return to its former glory.It's not all bad news in the world of cryptocurrencies: Britain’s first "Bitcoin Baby"earned £3,000 in just two weeks thanks to hundreds of crypto-donations in January.It followed rumours that Facebook is creating its own version of Bitcoin that you can send to your friends on WhatsApp.You can read our beginners guide to Bitcoin, including how it can gain or lose you money, by clicking here.Would you consider buying Bitcoin, or do you think the hype is over? Let us know in the comments!We pay for your stories! Do you have a story for The Sun Online news team? Email us at tips@the-sun.co.uk or call 0207 782 4368. We pay for videos too. Click here to upload yours. Alesha mum's screams as Britain's sickest teen killer caged for rape and murder Baby born without a NOSE stuns docs who've never seen birth defect before Girl is born with her own 14g twin growing INSIDE her tiny belly Kris Boyson orders 'fat' Katie Price to lose weight and bans takeaways Cruel owners abandoned pet dog in garden to live on batteries and GLASS Sky TV flash deal could cut your bill by almost £200 Body found in estuary in hunt for Libby Squire is a woman Monster mum ‘rented daughter, 5, to paedo for £300 & ignored her terrified cries’ These saucy optical illusions will have you questioning your dirty mind Bone-chilling pics show Mother Nature at her most sinister©News Group Newspapers Limited in England No. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. 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Jump to navigation The Cyber Cell of Crime Branch, Delhi today arrested two persons for duping people by promising huge returns through hedge fund and cryto-currency investments.The accused duo operated under Rosneft Hedge Fund and virtual crypto currency under the name of RHF Coin and RHF Gold with help of other associates.A case was registered by the Crime Branch in January over a complaint by a person named Vinod Kumar who told police that he was cheated of Rs 7.50 lakh while making an investment in "Rosneft hedge fund".A similar complaint of cheating was received by the cyber cell from Haryana resident Ravinder Pal Saini who had paid 27 bitcoins to the directors of Rosneft hedge fund to invest in the company for extraordinary returns, said Joint Commissioner (crime) Alok Kumar."The arrested accused Ashish Malik, 33, and Sandeep Kaushik, 32, were recently caught by the Crime Branch after a thorough investigation, from their hideout in Sector 18 of Dwarka," he said.THE ACCUSEDMalik holds an MBA degree from MD University in the year 2009. He later turned a property dealer. Another accused Sandeep Kaushik has done Bachelors of Arts from MD University in 2007. Kaushik has worked with Aviva Life Insurance, Gurgaon.According to the police, the duo met in 2010 to discuss life insurance. Kaushik later introduced Malik to another person identified as Sunil Singh Chauhan.In 2016, the trio ventured into crypto currency and multi-level marketing. They used their contacts to lure more people into the scam. The trio launched the Rosneft Hedge Fund in January 2017.RBI GUIDELINESAs per the RBI guidelines, the creation, trading or usage of virtual currencies, including bitcoin, as a medium of payment is not authorised by any bank or monetary authority.The accused were taking money in the form of bitcoins, cash and cheque by luring investors to invest in Rosneft Hedge Fund and thereafter they converted the amount into RHF Coin and RHF Gold without the consent of investors, the officer said.They also lured people for investing into newly launched virtual crypto-currency RHF Coin.The coins were initially launched at a rate of Rs 3.50 per coin with a promise of high profit. Presently the coins are of no use, Kumar said.THE SCAM"The accused along with their associates including Sunil Singh Chauhan introduced themselves as owners of Rosneft Hedge Fund company to the complainants," Kumar said.As per Registrar of Companies, no company exists in the name of Rosneft Hedge Fund or RHF Coin and RHF Gold, he said.Further investigation is going on in the case to nab accomplices of the accused. Trump wants US military to secure border until wall is built Amazon keen to buy Flipkart, but Flipkart wants to sell itself to Walmart: Report Parveen Babi and Mahesh Bhatt's heartbreaking love story Fake news order: What Smriti Irani did not learn from Rajiv Gandhi, Vasundhara Raje Congress leader Salman Khurshid says 'We have blood of Muslims on our hands' BJP minister seeks porn ban in Madhya Pradesh to curb child rapes No CJI impeachment, Congress to move SC; Last day of nomination for K'taka polls; more Ordinance on death penalty for rapists of girls aged less than 12 gets President Kovind's nod 3 injured as Air India flight hits turbulence mid-air Congress vs CJI row: BJP real beneficiary? 3 injured as Air India flight hits turbulence mid-air Ordinance on death penalty for rapists of girls aged less than 12 gets President Kovind's nodCopyright 2018 Living Media India Limited. For reprint rights: Syndications Today

In order to do that, real products built by real teams have to provide real utility to the public. We’re building Celsius to bring a new wave of financial products to the market designed, for the first time, to always do what’s in the best interest of its members instead of trying to make as much profit as possible. We believe this will be crypto’s first ‘killer app.’ Members will be able to borrow USD against their crypto holdings in their wallet which will be used as collateral. Our goal is to allow anyone who’s in need of cash to easily borrow from the Celsius platform without having to sell their crypto holdings. The ability to take loans in dollars against your cryptocurrency will be available after the CEL tokens are issued. In the future, through the Celsius Network, cryptocurrencies deposited by members into their Celsius Wallet will earn POS fees and be available on the network for immediate borrowing and shorting for a fee. Coins that are lent from member wallets or used as POS collateral will begin to accrue interest in the form of Celsius Tokens (CEL), allowing members to earn up to 9% annual interest.* *This functionality is not yet available and will be rolled out in future. This functionality may be conditional on regulatory approvals, which Celsius will obtain as a condition for rolling out these features. Ian Balina ICO Review Live Stream – 3/12/18 See Gary Vaynerchuk & Alex Mashinsky in Toronto Watch Alex’s presentation at the Super Bitcoin Conference in Dallas We want to make borrowing cash a whole lot easier. Celsius’ goal is to allow its members to use their crypto holdings as collateral in order to secure low interest loans in dollars. Rather than selling their crypto (pay taxes and forfeit potential future gains), with Celsius they can leverage their cryptocurrency to borrow the cash they need today, while still maintaining their crypto portfolio for future value. By depositing coins on the Celsius Network, crypto asset holders will be able to earn up to 9% interest for their lent coins. We plan to offer a large array of lending options, from one-day to one-year contracts, all with highly competitive interest rates. With Celsius, members will be able to easily earn interest on their crypto assets the same way they earn on the savings in the bank – but with much better rates. Hedge funds, family offices and crypto funds still want to play in the world of cryptocurrency. Fortunately for us, they are willing to pay high fees to do so, so many of them want to short the market. We’re happy to help make the most of their greed by taking up to 50% cash deposits and charging them interest when they hedge. This lets us pass most of the earnings back to the community and lend more dollars to the rest of the Celsius community. Cryptocurrency prices are volatile, and we get that. Like any market, prices are going to jump up and down due to a number of factors. While many of us are excited about the rising valuations, some believe many coins are overvalued and are interested in shorting. With Celsius, we will make it easy for those people to borrow coins from our community and short them on the market. Celsius will never take a position or trade against its coin holders or Lenders. Our interests are aligned with our lenders to charge the borrowers looking to short as much as possible to grow the community. Members who want to borrow dollars against their crypto coins will be charged interest below 10% to further grow the community and invite outside people to buy more crypto. Celsius is raising the temperature when it comes to offering millennials an opportunity to earn real interest and use new ways to deal with old money. Today Celsius — an Ethereum-based lending platform — has announced its plans to disrupt this industry by enabling peer-to-peer instant loans. They are gaining traction quickly, and are working to “open the floodgates of credit”. *Any excess tokens will be burned after the token sale. *Any excess tokens will be burned after the token sale. **At launch, there will be 650 million tokens (or slightly less as any tokens not sold will be burned). We are selling 50% of the tokens (325 million) between the presale and public sale, and will distribute tokens shortly after the close of the public sale. The additional 50 million tokens will be placed into a smart contract, with 25m tokens being released to the Celsius Treasury only if the CEL Token price in the secondary market remains above an average of $1.50 for ten (10) days (meaning the price of CEL has increased 5x from the time of the Crowdsale).  And an additional 25,000,000 CEL Tokens will be released only if the CEL Token price in the secondary market remains above an average of $3.00 for thirty (30) days (meaning the price of CEL has increased 10x from the time of the Crowdsale). A couple of things to note about these additional tokens: a) they are released directly to the treasury and not to any individual or exchange and b) they will be used predominantly to fund new loans (81%) with the remaining 19% used to incentivize new team members as we grow. Tokens placed into the Treasury will be used for new loans, and not sold off immediately upon delivery. Rather, Celsius would only sell off small portions from Treasury to meet the demand for dollar loans on an as-needed basis (i.e. as our USD supply needs topping up to meet loan demand). *Employee tokens are held in 3 allotments. The first allotment will be unlocked six months after the Token Generation Event. The second allotment of 4.75m tokens will be released only if the token price reaches an average of $1.50 for ten (10) days (meaning the price of CEL has increased 5x from the time of the Crowdsale),  and the 3rd allotment of 4.75m tokens will be released only if the average price remains $3.00 for thirty (30) days (meaning the price of CEL has increased 10x from the time of the crowdsale). Miko Matsumura founded crypto exchange Evercoin, and is a Limited Partner with the Pantera Capital ICO Fund (a $100M ICO-only fund). He is personally invested in FileCoin, Brave, CIVIC, Propy and Lyft. As a 25 year operating exec in Silicon Valley, he has raised over $50 million in capital for Open Source startups. Moshe is an accomplished serial entrepreneur in the technology sector. He is both chairman and co-founder of Singulariteam, a prominent Israeli tech venture capitalist vehicle. Moshe has played an active role across the development of SIRIN LABS, specifically in defining product functionality and underpinning technology. Chris has extensive experience in blockchain technology including an advisor position at Blockmatics, a consultant with Bloomberg and a founder and partner at Iterative Capital Management. Chris also has a number of technology publications and has written at length about Ethereum and other cryptocurrencies. He specializes in business strategy and development. Sonic Zhang is an entrepreneur and investor. He is the Co-founder and Global Director of 20 Nations League of Blockchain (B20), an international NGO focused on bridging blockchain and crypto-currency communities worldwide. And the co-founder of ValueBank Group, a global network of fiat-crypto exchanges, with a crypto wallet and payment solution. Founder of ValueNet Capital, focusing on investing in blockchain startup and cryptos, the portfolio includes OmiseGo, Binance, PowerLedger, WAX, CoinPoker, PlayKey, RobotCache. Co-founder of Murint Capital, a VC Fund for tech and entertainment industries. Founder of SoRelax, a global platform for cross-border marketing and services. Sonic has an MPM and a BE in Mechatronics from the University of Sydney. Mr. Rashid Al Malik serves as the Chairman and CEO of Haya Holdings since April 2010. Previously Al Malik was the founder and Deputy CEO/ Chief Corporate Development Office of Dubai Aerospace Enterprise. At Dubai Aerospace he was able to raise 15 bn dollars.He serve as advisor to Colony Capital Chairman.he was a professional pilot with Emirates airlines for 8 years.He is an active investor in new technologies. He holds a Bachelor degree from Bucks, New University and a postgraduate master’s degree (MBA) from Pepperdine University in Los Angeles, U.S.A. Passionate about developing products, systems, and working with people dedicated to building flat organizations, Ivan is driven by a search for game-changing brands that improve consumers’ lives. Ivan’s engineering background is in DevOps, System Engineering and Customer Support Analytics. In 2011 Ivan was declared one of the most successful young entrepreneurs under 30 years. Elliot teaches machine learning at Columbia University and quantitative risk management in the masters’ program for mathematical finance at Rutgers University. Elliot currently advises fin-tech companies in the application of machine learning, natural language processing and blockchain technologies. We’ve built companies from the ground up, served hundreds of millions of users and completed multiple exits for billions of dollars (including an IPO). This isn’t our first rodeo. Our team of experienced entrepreneurs knows how to take a concept from ideation to full execution on a global scale. Our founder, Alex Mashinsky, has filed over 30 patents including the original patent on VoIP technology.  He previously founded several multi-billion dollar businesses including Arbinet (IPO 2004), transmit wireless and GroundLink. A crypto holder since 2013, Alex serves as an advisor and investor to several Blockchain companies including Sirin Labs, MicroMoney and Ties Network. In conjunction with the launch of the Celsius Crypto Wallet, we’re excited to introduce the Celsius Degree Token (CEL). After our Token Generation Event, members will be able to use their CEL tokens to secure access to loans in dollars using their crypto as collateral. In the future, members who deposit coins in their Celsius Wallets will also be able to earn Degree Tokens as a reward for lending to the network. We’re designing our CEL (ERC20 Degree Token) to be the backbone of the Celsius Network, creating a value-driven lending and borrowing platform for all our members. The Celsius Degree Token (CEL), at the moment of the Token Generation Event (TGE),  will have utilities including: In the future, the CEL token will have additional utilities including: Celsius’ community will continue to grow as more and more people are able to get loans in dollars using their crypto as collateral or as they lend their unused coins as a credit to other members. Crypto assets holders can get more Degree tokens the more they loan and borrowers pay less to hedge their positions. As more people join the Celsius ecosystem, the more everyone benefits. Our platform will be a unique combination of multi-blockchain nodes, auto trading on multiple exchanges and a high-end user experience. All this is orchestrated by smart predictive algorithms designed to reduce rates, maximize profits to our members, mitigate risks, and maintain the safety and growth of the ecosystem. With the Celsius Platform millions of transactions will be transacted between borrowers and lenders and an open ledger is the key to transparency on our platform. Whenever we issue credit or enable members to borrow coins we will employ the consensus to issue and track loans from funds given to us by our members. We are building Celsius to be a global decentralized marketplace that allows lenders from anywhere in the world to earn interest regardless of their base currency or the local laws they operate under. Phase 2 of Celsius Wallet app to be released (1st USD loans to be issued, with member bank accounts linked to wallet and loans to be paid back in USD or CEL)

with Lightning Network Bitcoin as foundational to the internet and society Jack Dorsey Links: Twitter account: https://twitter.com/@jack Square: https://squareup.com/ Cash App: https://cash.app/ Elizabeth Stark Links: Twitter account: https://twitter.com/@starkness Lightning Labs: https://lightning.engineering/ Lightning Labs Twitter account: https://twitter.com/@lightning Stephan Livera links: Twitter: https://twitter.com/@stephanlivera  Subscribe on iTunes: t=2  Subscribe on Android: https://subscribeonandroid.com/anchor.fm/s/7d083a4/podcast/rss  Patreon: https://www.patreon.com/StephanLivera  Tallycoin (BTC/LN donations): https://tallyco.in/stephanlivera/  Website: https://stephanlivera.com/  52:08February 11, 2019SLP51 Dr Guido Hülsmann - Austrian Monetary Economics & Bitcoin Dr Guido Hülsmann, Senior Fellow of the Mises Institute, and Economics Professor at the University of Anger, France, joins me in this very special episode. We talk about government monetary intervention compared with a free market in money. We discuss many topics: The process of government monetary intervention and deterioration in quality of money Which kind of monetary intervention is worst? Interaction of reserve requirements with capital requirements How businesses and banking differ in a free market economy versus our fiat money economy The tendency towards one most saleable good or money, even within the cryptocurrency world Comments on 'stock to flow' ratio and hard money Dr Hülsmann's economics book recommendations for listeners Dr Guido Hülsmann links:  Website: http://www.guidohulsmann.com/ Guido Hülsmann's The Ethics of Money Production: https://mises.org/library/ethics-money-production  Murray Rothbard’s What Has Government Done To Our Money?: https://mises.org/library/what-has-government-done-our-money  Hans-Hermann Hoppe How Is Fiat Money Possible?: and-credit  Ludwig von Mises Theory of Money and Credit: https://mises.org/library/theory-money-and-credit  Huerta de Soto Money, Bank Credit and Economic Cycles:  https://mises.org/library/money-bank-credit-and-economic-cycles  Philipp Bagus In Defense of Deflation - https://www.springer.com/gp/book/9783319134277 Stephan Livera Links:  Twitter: https://twitter.com/stephanlivera  Website: https://stephanlivera.com/  Subscribe on iTunes: t=2  Subscribe on Android: https://subscribeonandroid.com/anchor.fm/s/7d083a4/podcast/rss  54:47February 5, 2019SLP50 Rui Gomes & João Almeida of OpenNode - Helping merchants take Bitcoin Lightning PaymentsRui Gomes & João Almeida (CTO, co-founder) of OpenNode join me in this episode to discuss why they turned down Roger Ver's $1.25M, as well as the vision of OpenNode in enabling Bitcoin & Lightning payments. Topics include:  Background on OpenNode Service structure and fees Rejecting Roger Ver's $1.25M offer and why Why OpenNode is Bitcoin-only Comparison of OpenNode with self-hosted BTCPayServer approach How users can set up Getting tech support Plans over the next year or so Growth markets for Bitcoin Lightning payment OpenNode Links: OpenNode invite link (affiliate link): https://app.opennode.co/join/1b454baa-b233-45c0-8f0a-13893d4ae960  OpenNode website: https://www.opennode.co/  OpenNode twitter: https://twitter.com/opennodeco  Rui Gomes Twitter: https://twitter.com/ruigomeseu  João Almeida Twitter: https://twitter.com/joaodealmeida94  Stephan Links:  Twitter: https://twitter.com/stephanlivera  Website: https://stephanlivera.com/  Subscribe on iTunes: t=2  Subscribe on Android: https://subscribeonandroid.com/anchor.fm/s/7d083a4/podcast/rss  49:07February 2, 2019SLP49 Marty Bent - Bitcoin content creation and curation, and 'mainstream' EconomicsMarty Bent, host of the Tales From the Crypt podcast, and editor in chief of Marty's Bent joins me in this episode. We talk about Bitcoin content creation and curation, and also touch on the shifts in thinking from 'mainstream' economics required to understand Bitcoin.  Marty Bent links: Twitter: https://twitter.com/MartyBent Marty's Bent Newsletter: martysbent.com  Tales from the Crypt Podcast: https://anchor.fm/tales-from-the-crypt  TFTC21 Podcast twitter account: https://twitter.com/TFTC21 Stephan Livera links: Twitter: https://twitter.com/stephanlivera Website: https://stephanlivera.com/ BTC/LN donation: https://tallyco.in/stephanlivera/ 48:34January 24, 2019SLP48 Nicolas Dorier and BTCPayServer - self hosted Bitcoin and Lightning paymentsNicolas Dorier, a Bitcoin developer, joins me in this episode to talk about the open source project he started, BTCPayServer. BTCPayServer allows you to start accepting Bitcoin payments with 0% fees & no third-party. It is built with security, privacy and censorship-resistance at its core.  We cover: Why Nicolas started BTCPayServer What BitPay did to drive Nicolas to start his own open source version Cost and ease of setting up BTCPayServer Hardware node products that can be configured with BTCPayServer built in Upcoming BTCPayServer features such as fiat exchange How you can get involved Nicolas Dorier & BTCPayServer links: Nicola Twitter: https://twitter.com/NicolasDorier  BTCPayServer website: https://btcpayserver.org/  BTCPayServer YouTube: https://www.youtube.com/channel/UCpG9WL6TJuoNfFVkaDMp9ug  BTCPayServer Github: https://github.com/btcpayserver/btcpayserver  BTCPayServer Twitter: https://twitter.com/BtcpayServer  BTCPayServer Slack: http://slack.btcpayserver.org/  Stephan Livera links: Twitter: https://twitter.com/@stephanlivera  Website: https://stephanlivera.com/ 50:56January 20, 2019SLP47 Giacomo Zucco - Custodial LN, Altcoins, Financialisation, Attacks on BitcoinGiacomo Zucco, well known Bitcoin advocate, Supremo of BHB Network, and bitcoin consultant/teacher joins me in this episode. We talk: His Bitcoin 'rage quit'! The recent trend of Lightning Network custodial wallets, and whether this is on net a good or bad thing Thoughts on altcoins - are some of them honest, good faith efforts? Might they be technologically interesting, but still not monetarily relevant? Bitcoin financialisation - Does Bitcoin need financialisation or does finance need Bitcoin? Attacks on Bitcoin that may come Giacomo links: Twitter: https://twitter.com/giacomozucco  Giacomo’s ‘rage quit’ thread: https://twitter.com/giacomozucco/status/1084411808734240769  The B: https://theb.foundation/  BHB Network: https://www.blockchainlab.it/  Stephan links:  Twitter: https://twitter.com/@stephanlivera  Website: https://stephanlivera.com/  Patreon: http://patreon.com/stephanlivera  Tallycoin (BTC/LN donations): https://tallyco.in/stephanlivera/  1:15:10January 15, 2019SLP46 Sjors Provoost - Bitcoin Core Dev, Hardware Wallet Support, FungibilitySjors Provoost (Bitcoin Core developer) joins me to discuss a range of topics:  Bitcoin Core Development and Review  Working towards hardware wallet support in Bitcoin Core Sjors' article, "A Crime on Testnet" - with privacy & fungibility implications Sjors Links:  Sjors Twitter: https://twitter.com/@provoost “A Crime on Testnet”: Episode Ad/Sponsor: BUIDL Bootcamp with Justin Moon Learn to code Bitcoin: https://buidlbootcamp.com/ 1:03:35January 8, 2019SLP45 Jeff Deist, President of the Mises InstituteJeff Deist joins me to discuss Bitcoin and the application of Austrian economics in understanding Bitcoin. Topics:  Market selection of money The potential for a hard money standard to restrict govt spending Why Austrian Economists are split on Bitcoin Why credit would be much tighter under a hard money standard The deflation and 'hoarding' argument - dispelled The educational strategy pursued by the Mises Institute Jeff's recommended Austrian economics books for Bitcoiners Jeff Deist and Mises Institute links: Jeff's Twitter: https://twitter.com/jeffdeist Mises Institute: https://mises.org/ Mises Institute Twitter: https://twitter.com/@mises 43:28January 4, 2019SLP44 Aleks Svetski, CEO of Amber - Blind Excesses, Crypto, BitcoinAleks Svetski (CEO, co-founder of Amber) joins me in this fiery episode  to talk about the blind excesses of 'Crypto' over the last few years and  more: - Crazy excesses that we saw over the last few years - STO's - Security Token Offerings - "Crypto Traders" - "Crypto Hedge Fund Managers" - Bitcoin as asymmetric bet - Dollar Cost Averaging - Amber and the service offering Aleks and Amber links:  - Amber website: https://getamber.io/ - Aleks Twitter: https://twitter.com/AleksSvetski - Article "A world full of Blind Excess": https://hackernoon.com/a-world-full-of-blind-excess-b7fb42357d43  Stephan links: - Website: http://stephanlivera.com/ - Twitter: https://twitter.com/stephanlivera  - Patreon: https://www.patreon.com/StephanLivera - Tallycoin (BTC/Lightning donations): https://tallyco.in/stephanlivera/1:02:29January 3, 2019SLP43 Jameson Lopp, Cypherpunk and CTO of CasaJameson Lopp, Cypherpunk & CTO of Casa, joins me in this episode to discuss a range of topics: What he's working on right now @ Casa "Who controls Bitcoin Core?", the article by Jameson 2018 Year in Review, thematically and by statistics Bitcoin storage and multi signature solutions Bitcoin helping enable individual sovereignty Grin & Beam  Maintaining privacy with a Bitcoin transaction Jameson Lopp links: Jameson's Twitter: https://twitter.com/lopp "Who Controls Bitcoin Core?": https://medium.com/@lopp/who-controls-bitcoin-core-c55c0af91b8a Jameson's Bitcoin Resources page: https://lopp.net/bitcoin.html Casa: https://keys.casa/ Statoshi: https://statoshi.info/ Stephan Livera links:  Site: http://stephanlivera.com/ Twitter: https://twitter.com/stephanlivera 53:52December 29, 2018SLP42 Adam Back, CEO of Blockstream - Blockstream Satellite, Tim May, Bitcoin PrivacyAdam Back, CEO of Blockstream, Cypherpunk & Cryptographer, and inventor of hashcash (cited in Bitcoin's whitepaper) joins me in this episode. We talk about the new update to Blockstream satellite, Tim May and Bitcoin Privacy. Topics: - Blockstream satellite background - How Blockstream satellite works - Making Lightning payments to deliver encrypted messages via satellite - The need for censorship resistance - Tips on setting up Blockstream satellite - Thoughts on Tim May's recent passing - Pay 2 End Point - Confidential Transactions and associated tradeoffs - Quantum Computing and Quantum Resistant Crypto - Other privacy improvements coming to Bitcoin - Technical Fundamentals of Bitcoin Adam Back & Blockstream Links: Blockstream satellite page: https://blockstream.com/satellite/ Elements Project page: https://elementsproject.org/ Adam’s website: http://adam3.us/ Adam’s twitter: https://twitter.com/@adam3us Stephan links: website: https://stephanlivera.com/ twitter: https://twitter.com/stephanlivera1:04:13December 17, 2018SLP41 Dhruv Bansal of Unchained Capital - Bitcoin Dust in the Machine, and Bitcoin Financial ServiceDhruv Bansal, Chief Science Officer of Unchained Capital joins me to talk about some of his data science analytical work on Bitcoin's blockchain, and also how Unchained Capital are thinking about Bitcoin financial services. We discuss how Bitcoin enables entirely different delivery of financial products and services. One example of this is the new feature, Collaborative Custody. Topics: - Blockchain as heat engine - How much 'dust' there is and how much it costs to move - Bitcoin Financial Services - How Unchained Capital differentiates itself from other crypto lending businesses - Collaborative custody - Bear market blues - Future vision of Bitcoin financial services Dhruv & Unchained Capital Links: Bitcoin Data Science Part 3: Dust in the Engine: he-engine-615dd51f49 Dhruv’s twitter: https://twitter.com/dhruvbansal Unchained Capital site: https://www.unchained-capital.com/ Stephan Links: Website: https://stephanlivera.com/ Twitter: http://twitter.com/@stephanlivera 1:05:44December 17, 2018SLP40 Vijay Boyapati - Why Credit Deflation is More Likely Than Mass InflationVijay Boyapati (Software Developer, Austrian Economist) joins me to discuss his 2010 article, "Why Credit Deflation Is More Likely Than Mass Inflation". Find out where economics commentators were getting it wrong immediately post the 2008 Global Financial Crisis, and ways to think about Bitcoin in the coming years. Vijay Links: Article discussed: http://libertarianpapers.org/articles/2010/lp-2-43.pdf Vijay's Twitter: https://twitter.com/@real_vijay Stephan Links: Website: www.stephanlivera.com Twitter: http://twitter.com/@stephanlivera Patreon: https://www.patreon.com/StephanLivera49:11December 16, 2018SLP39 Olaoluwa Osuntokun (Roasbeef), CTO of Lightning LabsLaolu aka roasbeef, CTO of Lightning Labs joins me in this episode to talk about some of the latest developments with Bitcoin's Lightning Network: - Lightning Summit (Adelaide, Australia Nov 2018) - AMP - Splicing - Probing - Wumbology (large channels) - Neutrino - Wishlist for changes in Bitcoin Core - What products/services should be built on Lightning - What's coming up for Lightning Labs - Outlook for Lightning Network over the next year - How you can get involved Laolu links: Twitter: https://twitter.com/roasbeef Github: https://github.com/roasbeef Lightning Labs: https://lightning.engineering/ LND Developer site: https://dev.lightning.community/ Stephan links: Website: https://stephanlivera.com/ Twitter: https://twitter.com/stephanlivera56:45December 11, 2018SLP38 Per Bylund - The size of firmsPer Bylund (Assistant Professor at OSU and Fellow of Mises Institute) joins me to discuss how some firms today are larger than what they would be under a free market. The impact of regulation and ways to assess competition in a market are discussed. We also touch on the confusion about scarcity and 'post scarcity'. Per Bylund Links: Per’s Twitter: https://twitter.com/PerBylund Per’s website: http://perbylund.com/ Per’s Books: https://www.amazon.com/Per-L.-Bylund/e/B00LMNLBCU Entrepreneur articles: https://www.entrepreneur.com/author/per-bylund Stephan Livera: Website: https://stephanlivera.com/ Twitter: https://twitter.com/stephanlivera50:39December 8, 2018SLP37 Rene Pickhardt - Bitcoin Lightning Education & Lightning SummitRene Pickhardt, a Bitcoin/Lightning educator, and rising star in the world of Lightning joins me to talk about the Lightning Network. We discuss: - How he got into Lightning - Involvement in the Pirate party - The recent Lightning Summit in Australia - Upcoming Lightning tech - Routing Rene Pickhardt Links: Rene’s Youtube: https://www.youtube.com/user/renepickhardt Rene’s Twitter: https://twitter.com/renepickhardt Rene’s Github: https://github.com/renepickhardt 57:34December 4, 2018SLP36 Justin Moon - Teaching Bitcoin HODLers to code @ BUIDL BootcampJustin Moon (Founder/Instructor, BUIDL Bootcamp), joins me in this episode to discuss how he came into Bitcoin recently and started doing presentations, Bitcoin application coding and now teaching Bitcoin development to students. We talk about non traditional paths to careers such as software development, and also talk through the structure of BUIDL Bootcamp. Justin links: BUIDL Bootcamp: https://buidlbootcamp.com/ Justin Moon Twitter: https://twitter.com/_JustinMoon_ Justin Moon Youtube: https://www.youtube.com/channel/UCLp4OswuHySZZ3zrVBIoDjg/videos Stephan: Website - https://stephanlivera.com/ Twitter - https://twitter.com/stephanlivera Patreon - http://patreon.com/stephanlivera59:36November 29, 2018SLP35 Pierre Rochard - Lightning Power Excel Plugin, Lightning ResidencyPierre Rochard (Noded Podcast, Nakamoto Institute, Bitcoin Advisory) joins me in this episode to talk about his new Bitcoin Lightning "Power" Excel Plugin, which allows you to tinker with Lightning right inside MS Excel! We also talk about his recent experience at the Chaincode Lightning Residency, and various other topics on what kind of work is needed in Bitcoin & Lightning. Pierre Links: Pierre’s Lightning Power Users: https://www.lightningpowerusers.com/ Pierre Rochard Lightning Residency write ups: ng-residency-ab4c29ce2077 Noded Podcast: https://noded.org/ Nakamoto Institute: https://nakamotoinstitute.org/ Stephan Livera podcast links: Website: https://stephanlivera.com/episode/35 Subscribe on Apple: 0 Support on Patreon: https://www.patreon.com/StephanLivera Follow/Message me on Twitter: http://twitter.com/stephanlivera1:06:12November 24, 2018SLP34 Dan Held - Bitcoin Heroes, Villains, Survival, and CapitulationDan Held (Co-Founder Picks & Shovels) has been writing influential articles and joins me in this episode to share his perspectives on being in Bitcoin for 6 years. We discuss what the real narrative was around Bitcoin in the early days, and how some Bitcoin Heroes turn and become Bitcoin Villains. We also discuss how to survive in Bitcoin, as well as broader investment discussion on what 'capitulation' looks like in a Bitcoin bear market.50:46November 17, 2018SLP33 Kara Haas - Bitcoin & Crypto Audit and AccountingKara Haas, CPA joins me to discuss Bitcoin auditing and accounting. Especially in relation to Tether, there are many people confused about what an audit is, versus an attestation. And with the Bitmain IPO, some confusion on the correct accounting treatment for Bitcoin. As an accountant and auditor in the field, Kara is able to shed some light on this.52:14November 10, 2018SLP32 Rigel (CoinsureNZ), Relaying Bitcoin transactions with TxTenna for censorship resistanceRigel Walshe (aka CoinsureNZ) joins me to talk about his recent viral adventures in sending Bitcoin transactions without internet on the device itself. His recent stories lit up social media and showed real world usage of TxTenna, a collaboration between GoTenna (mesh networking) and Samourai Wallet (Bitcoin wallet project focused on privacy).37:42November 4, 2018SLP31 Bitcoin & Crypto eating the world, with Patri FriedmanPatri Friedman, MD of Zarko Investment Group and a leader in the seasteading movement joins me to talk about how Bitcoin & Crypto will enable greatly freer markets around the world. We talk about Bitcoin maximalism, Crypto parallels with the dotcom bubble, jurisdictional competition, seasteading and start up cities, law as technology, and more. We also discuss David Friedman's thoughts on Bitcoin & Crypto, and what Patri's late grandfather, Milton Friedman, would have thought on Bitcoin.52:49October 31, 2018SLP30 Bitcoin-backed loans and financial services, with Zac Prince of BlockFiZac Prince, Founder and CEO of BlockFi joins me in this episode to talk about the incredible benefits of Bitcoin as collateral for USD loans. We talk about the 'double whammy' of how it can be used to minimise capital gains taxes, and get an interest deduction on the use of funds. Bitcoin also makes it easier to provide global debt financing in countries where it has traditionally been difficult to operate USD lending.54:16October 29, 2018SLP29 - Samourai Wallet, Bitcoin privacy software that Silicon Valley would never buildOne of the pseudonymous founders of Samourai Wallet joins me in this exciting episode to talk about Bitcoin privacy techniques that are applied within the wallet and upcoming improvements to their Bitcoin wallet app. Anyone interested to learn more about how Samourai Wallet helps protect privacy will truly enjoy this episode.1:08:58October 25, 2018SLP28 - Cyphernode Bitcoin API, with Francis Pouliot and Etienne Larrivee of Satoshi PortalFrancis Pouliot and Etienne Larrivee (CEO Satoshi Portal and Lead Developer Cyphernode), join me to talk about their newly released open source Bitcoin self-hosted API allowing you to more easily build Bitcoin services and applications. This enables businesses and users to reduce their reliance on commercial Bitcoin APIs, while still offering advanced features and utilities.58:40October 22, 2018SLP27 - Turning Stranded Natural Gas Into Bitcoin Mining Hashes, with Steve Barbour of Upstream DataSteve Barbour (Founder, Upstream Data) joins me to discuss how he is turning stranded natural gas into Bitcoin mining hashes. His HashGen product uses low value natural gas to improve the economics for Canadian Oil and Gas facilities, while powering Bitcoin mining ASICs. In this discussion we also talk about the 'bitcoin energy use is wasted' narrative, and how bitcoin mining was centralised in the past, but is now decentralising.1:02:47October 20, 2018SLP26 - Building Bitcoin services to last, with Jeremy Welch of CasaJeremy Welch (Founder of Casa) joins me in this episode to talk about crafting a business around the concept of safely storing bitcoin. We talk about the ethos of Casa, designing services for a sovereign individual, securing top tier talent, and Casa products.48:10October 13, 2018SLP25 - Taking Bitcoin Lightning Payment, and 'earner adoption', with Sergej Kotliar, CEO of BitrefillSergej Kotliar, CEO of Bitrefill joins me to discuss taking bitcoin and lightning payments as an online merchant. We talked about the challenges and benefits of doing this, particularly in how lightning network simplifies the user experience and reduces errors. In the second part of the episode, we talk about 'earner adoption' - the idea that bitcoin's ecosystem can grow from people earning it.52:52October 2, 2018SLP24 - Wasabi Bitcoin Wallet & Bitcoin Privacy, with Adam Ficsor (nopara73)Adam Ficsor (nopara73), a Bitcoin privacy developer and CTO of zkSNACKs joins me to talk about his new wallet, Wasabi Wallet. We talk about: Privacy being for everyone Comparison with other privacy projects, such as Monero, or other Bitcoin mixing services ZeroLink framework How your Bitcoin Privacy can be broken How chain analysis works What Wasabi Wallet does to break chain analysis heuristics Upcoming Wasabi Wallet launch53:26September 27, 2018SLP23 - Economic Eras of Bitcoin, and Lightning Development, with Rusty Russell of BlockstreamRusty Russell, a well known and respected Bitcoin Lightning developer at Blockstream joins me in this episode. We talk about his article, The Three Economic Eras of Bitcoin, and discuss the Lightning Network for Bitcoin. Lastly, Rusty draws from his prior experience as a Linux kernel developer to contrast Linux development with Bitcoin and Lightning development practices and culture.1:09:15September 20, 2018SLP22 - Unnecessary crypto-tokens and Bitcoin/Lightning development, with Udi WertheimerUdi Wertheimer (Bitcoin software developer) joins me to discuss the use of unnecessary crypto-tokens, why some people do it, the use of non-crypto tokens in gaming, unnecessary blockchains, #reckless lightning development, and what he is looking forward to in Bitcoin and Lightning.57:48September 17, 2018SLP21 - Jimmy Song, Bitcoin Educator, Developer and EntrepreneurJimmy Song (Bitcoin Educator, Developer, and Entrepreneur) joins me in this episode to discuss his recent debate with Roger Ver, and in the second half we also discuss Blockchain skepticism. We separate the signal from the noise on 'enterprise blockchain' technology by discussing the true costs and difficulties involved, and then discuss some alternatives to 'enterprise blockchain'.52:20September 15, 2018SLP20 - Samson Mow, CSO of BlockstreamSamson Mow, CSO of Blockstream (leading provider of blockchain technologies) joins me in this episode to discuss a variety of topics: Bitmain IPO, mining centralisation Errors of cryptocurrency 'diversification' When it makes sense to use a blockchain, when it doesn't Why Blockstream builds mostly on bitcoin Blockstream products Cryptocurrency Data feed, and Liquid network Privacy Bitcoin Fee Market Samson's Hat sales and blog49:42September 9, 2018SLP19 - The Bitcoin Ecosystem, with Vortex (Jeffrey)Vortex (Jeffrey), a software developer and well known bitcoin YouTuber joins me in this episode to talk about the Bitcoin ecosystem. This interview is targeted for newbies to bitcoin, to help them understand the key components of the Bitcoin ecosystem. We also discuss: the Cryptocast network, the role of nodes in Bitcoin, Bitcoin development, his course Programming with Bitcoin, Fintech vs FinUI, and his outlook for the future.53:26September 8, 2018SLP18 - Pioneering Bitcoin/Lightning Payments in Australia, with Daniel Alexiuc (CEO Living Room of Satoshi)Daniel Alexiuc (CEO of Living Room of Satoshi) joins me in this episode to discuss how he is pioneering Bitcoin and Lightning Network payments in Australia, both on his website LROS, and also as a partner with Travel By Bit. We discuss: his viral video using LN to buy a coffee in Brisbane airport (May 2018), why blockchains aren't a good payment system, use of both C-Lightning by Blockstream and Lnd by Lightning Labs, crypto payment volumes increasing, use of BTCpay, and outlook for the future.29:38September 3, 2018SLP17 - Bitmain, Bcash, Facebook Crypto rumours, and reframing scarcity with Vijay BoyapatiVijay Boyapati (Software engineer, Austrian economist) and I discuss the coming Bitmain IPO, the economic errors behind BCash, rumours of Facebook entering Crypto, reframing scarcity, hard money in earlier times, and how Bitcoin might fare in a broader market crash.59:52September 1, 2018SLP16 - Keeping Bitcoin Simple, with Beautyon (Akin Fernandez)Akin (Beautyon_) and I discuss what led him to Bitcoin, his Bitcoin business Azteco, stances on Bitcoin and regulation, the importance of keeping Bitcoin simple, Open source software versus closed source software, and Samurai Bitcoin wallet.56:58August 29, 2018SLP15 - Intellectual Property, Bitcoin, and Internet Censorship, with Stephan KinsellaStephan Kinsella, Intellectual Property lawyer, and libertarian advocate joins me in this episode to discuss: His story with bitcoin Money as Sui Generis Good The imprecise application of Lockean property theory Why you can't own bitcoin, but it probably doesn't make a big difference anyway The harmful effects of patents and copyright 'Internet Censorship' as it relates to property rights and ownership of private social media platforms58:54August 17, 2018SLP14 - Lightning Hack Day, with Jeff Gallas of FulmoJeff Gallas is the Founder of Fulmo and lead organizer of #LightningHackDay. We talk about the community of pioneers who are building lightning applications, and related hardware. We also talk about the upcoming Lightning Hack Day on September 1st.42:07August 17, 2018SLP13 - Bitcoin as Ultimate Asset, with Fernando Ulrich, Austrian EconomistIn this episode, we talk through emerging market currency crises, and his new 5 part article series on Bitcoin as Ultimate Asset. We contrast differing monetary views, why it doesn't make sense to spend bitcoin right now, Medium of Exchange vs Method of Payment, and fallacies of 'Medium of Exchange only' cryptocurrencies.50:25August 16, 2018SLP12 - Bitcoin Mining and Energy, with Hass McCookHass McCook and I discuss the Bitcoin mining market and his recent research, "The Cost and Sustainability of Bitcoin". We cover key bitcoin mining metrics, bitcoin mining cost price ranges, the Bitcoin Price - Mining Hash Rate relationship, the evolution of bitcoin mining over the past 3 years, and compare Bitcoin mining costs vs Gold mining.1:01:42August 14, 2018SLP11 - Bitcoin's Decentralised Governance, with Pierre RochardPierre Rochard (co-founder Nakamoto Institute, co-host Noded podcast) and I talk through Bitcoin's Decentralised Governance. This is the process by which Bitcoin's rules are decided, implemented, and enforced without having a central authority. Some topics covered: The different parties involved Network Governance Bitcoin has no central authority Process of Research, Proposal, Implementation, Deployment, Enforcement Schelling Points1:21:12August 12, 2018SLP10 - Visions of Bitcoin and Transaction Batching with Nic Carter and HasuNic Carter and Hasu join me to discuss the multitude of changing visions of Bitcoin, and also a Transaction Batching analysis they performed. We discuss how the narratives and attitudes in Bitcoin have changed over time as different constraints surfaced. In the second half, we discuss bitcoin transaction batching, and more appropriate ways to think about the number of bitcoin transactions.52:33August 11, 2018SLP9 - Lightning UX and Routing, with Bryan VuBryan Vu, VP of Product at Lightning Labs joins me in this episode to sketch out a vision of what Lightning Network may evolve into. We discuss Lightning User Experience and Routing, and the benefits to users, merchants and exchanges.58:12August 11, 2018SLP8 - Bitcoin Monetary Evolution, with Murad MahmudovMurad and I explore a range of economic thought about Bitcoin and cryptocurrencies in a fascinating interview discussing the path to Bitcoin as 'monetary winner'. As a prolific writer and analyst in Bitcoin, Murad is very well read and articulate. We discuss: His articles, how Bitcoin is ushering in an era of unprecedented peace and prosperity, a framework for monetary Store of Value criteria, and more.52:51August 9, 2018SLP7 - Earning Interest on Bitcoin's Lightning Network, with Nik BhatiaIn this episode with Nik Bhatia, we talk about the potential for forming capital markets on top of Bitcoin and the Lightning Network, by calculating an interest rate (LNRR - Lightning Network Reference Rate) based on the routing fees earned in staking BTC to Lightning Network payment channels.48:18August 4, 2018SLP6 - Fiat Money as 'fad diet', with BitsteinIn this episode with Bitstein, we break down Paul Krugman's errors in his NYT "Transaction Costs and Tethers: Why I’m a Crypto Skeptic" column, as well as other topics: Mischaracterisation of what money's purpose is Krugman's 'nirvana fallacies' in money Why fiat money is an aberration and more akin to a 'fad diet' than bitcoin or gold are Why Everyone Is a Scammer and the Scammer heuristic Bitcoin Maximalism - is it descriptive or prescriptive? UNIX philosophy1:05:39August 3, 2018SLP5 - Bitcoin in Beijing and common errors in 'Crypto', with Neil WoodfineIn this episode with Neil Woodfine, we talk about the changing face of Bitcoin education and common errors in reasoning about Bitcoin and 'token economics'. Some topics we touch on: Bitcoin in Beijing Bitcoin education in the early days vs Bitcoin/Crypto education now Incentives of unnecessary tokens Bitcoin is not 'backed by' stored energy Intolerance of bitcoin versus it merely being a superior money Skin in the game of Bitcoiners versus other projects such as Ethereum55:41August 2, 2018SLP4 - Why Bitcoin and not the others, with JW WeathermanIn this collaboration episode with JW Weatherman, we talk about some of the reasons why Bitcoin is best, versus the altcoins. We also discuss some of the security flaws and problems with the design and execution of altcoins such as: Bcash, EOS, Ethereum, Ripple, Monero, Zcash1:08:52July 29, 2018SLP3 - Bitcoin Investment Theses with Pierre RochardPierre Rochard joins us in this incredible episode to discuss the case for investing in Bitcoin. Pierre shares insights and thoughts from his years of being in the Bitcoin space, and offers improved ways of thinking about Bitcoin investment.50:09July 29, 2018SLP2 - How Bitcoin "mentally captures" people with Vijay BoyapatiIn this episode with Vijay Boyapati, we discuss economics of Bitcoin. Most interesting is the concept that over time, more and more people are being 'mentally captured' by Bitcoin. Some other points discussed: Bitcoin progressing through stages of 'moneyness' Hype cycles of bitcoin HODL'ing as freeriding Confidence in Bitcoin1:00:42July 28, 2018SLP1 - Bitcoin as Sound Money with Saifedean Ammous, Austrian EconomistStephan interviews Saifedean Ammous, Austrian Economics Professor and author of The Bitcoin Standard. In this podcast episode we take a deep dive into the case for Bitcoin as sound money, and what is potentially the hardest money the world has ever seen.1:19:23July 23, 2018Stephan Livera PodcastBy Stephan LiveraJoin Stephan as he interviews the sharpest economic and technical minds in Bitcoin & Austrian Economics to help you understand how money is changing and evolving. This is one of the leading podcasts in the space, and listening to this show is one of the fastest ways to learn and get up to speed on Bitcoin. Starting in undefined…00:0059:491xSLP163 Cory Klippsten - Bitcoin’s Intransigent Minority, Swan Bitcoin & Bitcoiner VenturesCory Klippsten, CEO and Co-founder of Swan Bitcoin, GP of Bitcoiner Ventures joins me on the show to talk about: Taleb’s thought and applying it to Bitcoin The Intransigent Minority Swan Bitcoin Cheapest Auto DCA in the US Bitcoiner Ventures and what it’s about, and how to get involved Cory Klippsten links: Twitter: @coryklippsten Swan Bitcoin: SwanBitcoin.com Bitcoiner Ventures AngelList Syndicate:  https://angel.co/i/v7pGo Bitcoiner Ventures: BitcoinerVentures.com Article: Ten Million Bitcoiners: The Intransigent Minority Sponsor links: Kraken Unchained Capital SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 59:49April 3, 2020SLP162 Matt D’Souza - Bitcoin Halving Analysis: Bullish for Competitive MinersMatt D’Souza CEO of Blockware Solutions joins me to talk about his team’s recent research piece on Bitcoin Halving and analysis from a mining perspective. In this conversation, we chat: Market participant profiles Miner electricity distribution Shut off and breakeven cost Mining Rigs Scenario Analysis Why some miners operate at a loss Difficulty adjustment dynamics Why Efficient miners welcome the halving Matt D’Souza links: Twitter: @mjdsouza2 Research: 2020 Halving Analysis Blockware: blockwaresolutions.com Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 56:24April 1, 2020SLP161 Titus Gebel - Bitcoin Citadels as Free Private CitiesTitus Gebel joins me to talk about Free Private Cities and how they relate to Bitcoin Citadels, a way for Bitcoin people to peacefully set up Bitcoin friendly cities. We talk: The problem with democracy and standard political activism Legal system Fee for service Benefits of lower cost and more certainty Dealing with poverty and pandemics How to get there Titus links: Twitter: @titusgebel Free Private Cities website: freeprivatecities.com Free Private Cities book: https://www.freeprivatecities.com/en/book/ Free Private Cities twitter: @fpcitiesinc Sponsor links: Kraken Unchained Capital SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:11:36March 27, 2020SLP160 BTCxZelko - Protect Your Bitcoin Privacy With Ronin DojoBTCxZelko, Samourai Wallet community member co-founded the Ronin Dojo project, an easy to use Raspberry Pi / Odroid install script and UI to run your own Samourai Wallet Dojo. It’s an easy, cost effective way to run your own node backing your Samourai Wallet, which enables you to use Bitcoin over Tor, with coinjoining and best in class privacy features. Zelko and I talk: How he learned command line How he got into Bitcoin privacy techniques Recommended hardware for Ronin Dojo How to install it for yourself Zelko links: Twitter: @BTCxZelko Ronin Dojo Wiki: Ronin Dojo Wiki Ronin Dojo Telegram: Ronin Dojo TG Chat group Relevant prior episodes: SLP150 Samourai Wallet SLP138 Matt Odell SLP130 Ergo  SLP117 Pura Vida SLP78 Samourai Wallet SLP29 Samourai Wallet Sponsor links: Kraken Unchained Capital SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:09:51March 25, 2020SLP159 Phil Bonello - Bitcoin Sovereign Individual Investment ThesisPhil Bonello joins me to talk about the book, The Sovereign Individual, and how it relates to a Bitcoin investment thesis. We talk: The Sovereign Individual book Black Magic of Compound Interest and Jurisdiction shopping What the book got wrong Investment theses around the book relating to: Media Education Remote Work Bitcoin businesses Censorship and Privacy Phil Bonello links: Twitter: https://twitter.com/PhilJBonello Sovereign Individual Investment thesis: t Sponsor links: Kraken Unchained Capital SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 50:22March 20, 2020SLP158 John Lee Quigley - How Does a Bitcoin Price Crash Impact Bitcoin Miners?John Lee Quigley of MinerUpdate and Adaptive Analysis joins me in this episode to talk about the impacts of bitcoin price drop on Bitcoin mining. We talk about: What the key costs are for miners Who are the key players in bitcoin mining Miner trends Geographic dispersion Vertical integration Energy use John Lee Quigley Links: Twitter: @JohnLeeQuigley MinerUpdate: https://www.minerupdate.com/ Adaptive Analysis: https://adaptiveanalysis.io/ Sample: MinerMovements #7 - Matthew Mining Effect Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 55:50March 18, 2020SLP157 Andy Edstrom - Bad Options For the Fiat Debt Problem & Why Buy BitcoinAndy Edstrom, CFA CFP and author of “Why Buy Bitcoin” joins me to talk about: Learning about austrian economics after getting into Bitcoin Investor mindset Fiat Money Debt Problem and Bad Options for how we get out of it Why Buy Bitcoin book Andy Links: Twitter: https://twitter.com/edstromandrew Website: www.andyedstrom.com Book: https://www.amazon.com/gp/product/B07XG2J3S9 Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:10:32March 13, 2020SLP156 Carlos Roldan - Satoshi's Games and LightniteCarlos Roldan, CEO & Co founder of Satoshi’s Games, joins me to talk about why he’s excited about Lightning powered gaming. We talk: Why he got into Lightning Bitcoin enabled gaming Making it multi platform and beautiful Lessons learned with Satoshi’s Place Schedule going forward with Lightnite Where you can get Lightnite Carlos Links: Lightnite: https://lightnite.io/ref=slp Twitter: @whiteyhat Satoshi’s Games: https://satoshis.games/ Satoshi’s Games Twitter: @SatoshisGames Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 48:36March 10, 2020SLP155 Clark Moody - Bitcoin Dashboard & the 1000 Year Bull RunClark Moody, Bitcoin OG and entrepreneur joins me to talk about his dashboard, which is a fantastic resource for learning about bitcoin and monitoring bitcoin statistics. This is a great episode to learn about useful concepts in Bitcoin and Lightning. We talk about: Clark’s history in bitcoin Why he started the dashboard Blockchain stats Node stats Mining economics S2F Output types Future directions Clark Moody links: Twitter: @clarkmoody Dashboard: https://bitcoin.clarkmoody.com/dashboard/ Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:05:10March 6, 2020SLP154 Nick @BTConometrics - Quantitative Bitcoin Analysis & S2F Cointegration StrengthensNick joins me to talk about how he tried to disprove PlanB’s Stock to flow model, but ended up finding out that it holds up. We also talk about cointegration, what that means, and some of Nick’s statistical work. We talk about: Professional background Background to S2F Cointegration and what it means Engle-Granger test Mean Reversion indicator Shitcoins riding Bitcoin’s coat tails Nick links: Twitter: @Btconometrics Website: https://btconometrics.com/ Article: -value-b2d9e61f68af Related episodes: SLP67 SLP86 SLP122 Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 50:06March 3, 2020SLP153 Philipp Bagus - What Most People Get Wrong About DeflationPhilipp Bagus, Professor Department of Applied Economics, Universidad Rey Juan Carlos - joins me to talk about why deflation is not what you typically hear in the mainstream financial press. In this conversation we talk about: The real causes of deflation Why deflation is not necessarily what causes recessions Distinctions between growth deflation, and bank credit deflation Contrasting life under a fiat money standard with a hard money standard Real world examples Philipp Bagus links: Website: http://philippbagus.com/ Twitter: @PhilippBagus Book: In Defense of Deflation Mises Profile: Philipp Bagus Other episodes you may like: SLP51 Guido Hulsmann SLP45 Jeff Deist Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:01:39February 28, 2020SLP152 NVK - CK-BUNKER and Bitcoin BackupsNVK (Coinkite) joins me to talk about a new project, CK-BUNKER, a DIY co-signer. We talk about what this is, how it could be used by bitcoin businesses or service providers. Separately, we also talk about backing up your bitcoins and making sure they’re safe for the years to come. We talk: CK-BUNKER How to use it Coldcard and secure elements Opendime Bitcoin Backups Stablecoins NVK links: Twitter: @nvk CK-BUNKER: https://ckbunker.com/ Coinkite: https://coinkite.com/ (use code: LIVERA for discount) TG: https://t.me/coldcard NVK prior appearances: SLP62 SLP101 Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:32:37February 25, 2020SLP151 Obi - Coinfloor Going Bitcoin Only & Bitcoin Audits (aka Proof of Reserves)Obi Nwosu, CEO and Co-founder of Coinfloor joins me in this episode to talk about his approach to the space. We talk about: Going Bitcoin Only and when an exchange should delist cryptocurrencies Proof of Reserves & Proof of Solvency Educating users of the exchange about Bitcoin Supporting grass roots bitcoin meet ups, conferences, organisations Advancing Bitcoin Obi links: Twitter: @obi Coinfloor: https://coinfloor.co.uk/hodl/ Coinfloor Bitcoin Audits: https://coinfloor.co.uk/hodl/proof/ Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:03:37February 21, 2020SLP150 Samourai Wallet - Make Every Bitcoin Spend a CoinJoinThe co-founder of Samourai Wallet, rejoins me in this episode to talk about the current state of bitcoin privacy techniques, and some exciting updates coming soon to Samourai Wallet. We talk: Creeping KYC and has bitcoin social culture regressed? Does taint exist? Coin selection algorithms. STONEWALL, and Solomon Stowaway / PayJoin Wallet fingerprinting and whether it’s an issue Mobile mixing Dojo and Ronin Dojo Thoughts on Lightning and Liquid Samourai Wallet links: Website: Samouraiwallet.com Twitter: @SamouraiWallet SW Telegram: https://t.me/SamouraiWallet SW Whirlpool Trollbox Telegram: https://t.me/whirlpool_trollbox SW Dojo room: https://t.me/samourai_dojo Ronin Dojo: https://t.me/RoninDojoUI Relevant Prior interviews: SLP29 with SW SLP78 with SW SLP117 with Pura Vida SLP130 with Ergo SLP138 with Matt Odell Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:53:56February 18, 2020SLP149 Waxwing - Is Consumerism at Odds With Privacy in Bitcoin? JoinMarket, PayJoin, SNICKERAdam Gibson (aka Waxwing), Bitcoin privacy advocate, and contributor to JoinMarket joins me to discuss his thoughts on the state of privacy in Bitcoin. We talk about: Why consumerism mentality may stop people from using privacy techniques Why blockchain analysis companies are probably over rated Schnorr Taproot and cross input signature aggregation CoinJoinXT SNICKER JoinMarket PayJoin Adam Gibson links: Mastodon: @waxwing Twitter: @waxwing__ Github: AdamISZ Blog: JoinMarket.me/blog JoinMarket:JoinMarket.me Github: https://github.com/JoinMarket-Org/joinmarket-clientserver IRC: #joinmarket on freenode Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 2:11:48February 15, 2020SLP148 Petek @RadarRayne - Bridging Art and Bitcoin with Stock to FlowPetek (@RadarRayne) joins me to talk about coming into Bitcoin as an artist, and creating Bitcoin art. We also chat about her experience working with PlanB on stock to flow inspired art pieces, her thoughts on women in bitcoin, and how some ideas were just ripe for being created! Petek Links: Twitter: @RadarRayne Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 56:19February 10, 2020SLP147 Pierre Rochard & Saifedean Ammous - Bitcoin as Savings Technology & Number Go UpPierre Rochard (Kraken, Noded Podcast, Nakamoto Institute) and Saifedean Ammous (Bitcoin economist and author of The Bitcoin Standard) join me to talk about Bitcoin as Savings Technology and Number Go Up technology. This point is often misunderstood, so listen in for discussion on: Cash balance Savings technology Number Go Up Stock to flow Lightning and Bitcoin developments Pierre Rochard Links: Twitter: @pierre_rochard Kraken Careers: Kraken Careers Kraken: Kraken.com Nakamoto Institute: Nakamotoinstitute.org Noded Podcast: Noded.org Saifedean Ammous Links: Twitter: @saifedean Site: https://saifedean.com/ Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 53:17February 7, 2020SLP146 Will Cole - Bitcoin Native Financial ServicesWill Cole, CPO of Unchained Capital joins me to talk about: Learning about bitcoin and austrian economics Bitcoin meet ups and the shifts over time Getting ready for a bull run Bitcoin and allodial title Wyoming Blockchain taskforce Unchained Capital vaults and loans Bitcoin as collateral Will Cole links: Twitter: @Willcole Unchained Capital: Unchained-capital.com Unchained Capital twitter: @unchainedcap Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:04:12February 3, 2020SLP145 Rahim Taghizadegan - The Zero Interest Rate Trap and social consequences of fiatRahim Taghizadegan, Austrian economist and author, joins me in this episode to talk about the problems with central banking, and social consequences of fiat money. If you enjoyed earlier episodes on Austrian economics, you’ll really enjoy this one! We talk: Why central banking is a problem What governments are enabled to do Capital structure of production Social consequences of fiat money How to escape the Zero Interest Rate Trap Rahim Links: Twitter: @scholarium_at Book: https://www.incrementum.li/en/book-the-zero-interest-rate-trap/ Website: scholarium.at Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin / SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:03:06January 31, 2020SLP144 Steve Lee - Square Crypto and Supporting Bitcoin DevelopmentSteve Lee joins me in the first official Square Crypto podcast appearance! We talk about how he got into Bitcoin, and Square Crypto’s focus on supporting Bitcoin and Lightning open source development. We talk about: The Square Crypto team and their focus Lightning Development Kit BTCPayServer Zman Supporting bitcoin development UI and UX issues with bitcoin today Links: Steve Lee Twitter: @moneyball Square Crypto: @sqcrypto Square Crypto blog post Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin / SwanBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:01:40January 26, 2020SLP143 Eduardo Gomez - Bitcoin as a source of truth in VenezuelaEduardo Gomez, head of customer support at Purse.io joins me to talk about some interesting developments in Venezuela and bitcoin being used to transfer value across borders. We talk about: Eduardo’s background Bitcoin as source of truth Petro Stablecoins What’s needed in terms of tooling and education Bitcoin in Argentina Eduardo links: Twitter: @codiox Purse: purse.io Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:24:48January 21, 2020SLP142 Pierre-Marie Padiou - ACINQ & Phoenix Wallet: easiest non-custodial lightning wallet yet? Pierre-Marie Padiou is CEO and co-founder of ACINQ, building on Bitcoin’s Lightning Network. We talk about how ACINQ got founded and their very impressive new Lightning wallet, Phoenix. Phoenix represents a step forward in non-custodial Lightning wallet user experience and we talk about the tradeoffs that go into making this a reality. This episode is a must listen so you know how to best demonstrate Lightning for Bitcoin Lightning newbies or family/friends. ACINQ links: Twitter: @acinq_co ACINQ Website: https://acinq.co/ Phoenix Website: https://phoenix.acinq.co/ Github: https://github.com/ACINQ/ Telegram: https://t.me/phoenix_wallet Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera 1:25:46January 18, 2020SLP141 American HODL - HODLer stories and Bitcoin CitadelsAmerican HODL of Bitcoin Twitter joins me to tell us his stories of Bitcoin HODLing, how he built up his conviction in Bitcoin HODLing, and where we’re going with this: Modern society and the impact of fiat money HODLer stories Spend and replace vs HODL Bitcoin Baby steps Bitcoin Citadels - will they be real? Links: Twitter: @american_hodl Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast 1:13:56January 14, 2020SLP140 Gigi - Bitcoin’s Gravity and 21 LessonsGigi, Bitcoin author and curator of bitcoin-resources.com joins me to talk about some of his recent articles and the recent launch of his 21 Lessons book. We talk about: The gravitational pull of bitcoin Key resources from bitcoin-resources.com 21 Lessons learned along the way Gigi links: Twitter: @dergigi 21 Lessons: 21lessons.com 21 Lessons - Amazon book: Amazon Bitcoin-Resources: Bitcoin-resources.com Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast 1:01:43January 10, 2020SLP139 Andreas M. Antonopoulos - Mastering Lightning & Using BTCPayServerAndreas M. Antonopoulos, world renowned bitcoin speaker & author rejoins me on the show today to talk about some of his latest projects and efforts in Bitcoin. We talk about: Mastering Lightning - new book coming Process on learning Lightning Network Challenges in LN today Using BTCPayServer to be a merchant Using RTL myNode Andreas links: Twittter: @aantonop Website: aantonop.com YouTube: https://www.youtube.com/aantonop Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast 1:07:10January 6, 2020SLP138 Matt Odell - Should Bitcoiners Coinjoin? Matt Odell, co-host of TFTC/RHR joins me in this episode to talk about coinjoin techniques and bitcoin privacy. We discuss: What sparked off the recent discussion on coinjoin Binance SG flagging a customer for using coinjoin What’s at stake Is there a tension between ‘white market KYC compliant’ bitcoin and ‘grey market agorism’ bitcoin? Action steps to take Matt Odell links: Twitter: @matt_odell TFTC/RHR: TFTC.io Ronin Dojo: Ronin Dojo Github Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast 1:03:04January 1, 2020SLP137 AJ Towns - Schnorr Taproot Tapscript BIPsAJ Towns, bitcoin core contributor @ Xapo joins me to talk about his recent work advancing the Schnorr, Taproot, and Tapscript BIPs. We talk about: What are Schnorr signatures? What is MuSig? What is Taproot, and what is Tapscript? Script changes Schnorr Review Club Benefits for Bitcoin and Lightning Upgrade path Activation AJ Towns links: Twitter: @ajtowns Github: @ajtowns Schnorr Taproot Review club and resources link: Taproot Review Github Schnorr BIP Taproot BIP Tapscript BIP Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast 1:32:03December 27, 2019SLP136 Alex Leishman - Bitcoin Socratic Seminars & River FinancialAlex Leishman, organizer of SF Bitcoin Devs and CEO of River, joins me in this episode to talk about his journey in Bitcoin and Austrian Economics, as well as talk about how to moderate and run a successful Bitcoin Socratic Seminar meet up. Listen in and get some tips on how you can run or participate in Bitcoin meet ups in your city! We talk: Ground rules What discussion takes place at a Bitcoin Socratic Seminar How the rest of the world can copy this model River FInancial Alex Leishman links: Twitter: @Leishman SF Bitcoin Devs: SF Bitcoin Devs River Financial: River Financial Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast 1:01:54December 23, 2019SLP135 Suheb - Manage Your Lightning Node with RTLSuheb, co-founder of RTL joins me in this episode to talk about tips on managing your Lightning Node with RTL. We talk: How Suheb got into Lightning His experience with the Lightning Torch Different personas for RTL - Node Operator, Merchant Channel Management Interface What’s coming next with RTL Suheb and RTL links: Twitter: @Suheb__ RTL: @RTL_app RTL Github: RTL Github Sponsor links: Kraken Unchained Capital CypherWheel by CypherSafe GiveBitcoin Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast 1:00:18December 20, 2019SLP134 Rusty Russell - Lightning Multi Part PaymentsRusty Russell from Blockstream rejoins me in this episode to talk about a very exciting development in Bitcoin’s Lightning Network: Multi Part Payments. This is a new feature that will be implemented into the Lightning Network specification, and will be included in the new c-lightning 0.8.0 release. We talk about: Development work ongoing Multi Part Payments and how they change Lightning

Crypterium is a cryptobank with the goal of turning the impenetrable volatile world of cryptocurrency into a contactless payment platform that’s as easy-to-use as the Starbucks App is for buying coffee–providing cryptocurrencies to mainstream everyday users.  Once cryptocurrencies are as simple and easy to use every day as dollar bills the benefits of cryptocurrency–lower transaction costs, speed of payment, removal of national boundaries, and so on–become real. Crypterium will free you to easily spend your cryptocurrencies IRL. 400 troy ounce gold London Good Delivery bar Right now, Bitcoins are almost strictly being used as investment vehicles. They’re stuck like stocks or bonds into just something you track on your phone or look up online. There’s enough of a barrier to entry–tech, cost, and expense–associated with converting government-backed fiat money into cryptocurrency that it’s like owning 400 troy ounce (27 pound!) gold bars like they have in the movies. Sure, you’re rich as hell at $515,778.38-per-London Good Delivery Bar but how’re you going to move that money into a form that you can buy and trade with? It’s both physically heavy and logistically-suspicious. When it comes to cyrptocurrency,  the next step needs to be cryptobanking because even something that’s as simple in Europe with the SWIFT network as sending a bank wire in America is expensive and a pain in the ass, requiring paperwork and signatures and even federal oversight. And that’s just getting Greenbacks into a digital wallet like Coinbase or GDAX. That’s even before buying your very first Litecoin, Namecoin, Dogecoin, PotCoin, Ethereum, and especially, Bitcoin. I have been playing around with Bitcoin (Ƀ) since 2009 when I played miner.  All this demanded was using my computer’s CPU to mine blockchain blocks using an app in a way that resembles mining diamonds or gold: a new site is easier to mine than an old mine. The more mature the coin (Bitcoin is the oldest) the more brute computing “exertion” is required to make new cryptocurrency available, emulating the rate at which commodities are mined from the ground. Even today, all cryptocurrency–Litecoin, Namecoin, Dogecoin, PotCoin, Ethereum, and especially Bitcoin–is tough to acquire. Scanned and uploaded Passports and Driver’s License, a $50 international wire from your bank (which could result in your account being closed for money laundering), and then the constant threat of hacking, theft, market collapse, as well as the very real threat of being locked out of your own wallet forever. And then there’s the daily limits on selling. And, of course, when I misplaced what’s called a cryptocurrency paper wallet–the only access anyone on planet earth can ever access your coins–all was naught. Now, Bitcoin-mining demands supercomputing powers and more power costs than the coins had been worth. Since I started mining in the early days, even a commercial PC could mine actual Bitcoins. I wonder where I securely hid those first mined coins. After misplacing my private key–I lost my paper wallet! I pray to Saint Anthony every day (Tony, Tony, look around. Something’s lost and must be found!) Later, I had a vendor who insisted on being paid with Bitcoin back in 2010-2013. This was the first time I needed to move money from my bank account into my first–and most popular–digital wallet, Coinbase. It was good practice for now but it required me to formally order a wire transfer and then go down to the physical bank myself to fill out forms with a pen on paper and then be told that there was an actual chance that my international wire transfer would be scrutinized under some international money laundering law and that there was a chance that my assets would be seized, my access to the money would be frozen, and my account would be closed. Yikes! It never came to that but it was a pain in my butt (and that vendor is so rich in crypto that he can now buy and sell me like penny candy). To get everything moving, Crypterium launched its own ICO (Initial Coin Offering) on Halloween that will remain open until January 12, 2018. Simply put, according to Wikipedia, “an initial coin offering (ICO) is a means of crowdfunding centered around cryptocurrency, which can be a source of capital for startup companies. In an ICO, some quantity of the crowdfunded cryptocurrency is preallocated to investors in the form of “tokens,” in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ethereum. These tokens become functional units of currency if or when the ICO’s funding goal is met and the project launches.” In the case of Crypterium, they have the CRPT Token.  The price of a CRPT Token has been set at 0.0001 Bitcoin in order to make the initial buy in affordable and accessible in these times of $16,037 Bitcoins. Crypterium is accepting payments in Bitcoin, Etherium, and fiat currencies such as US Dollars, Euros, etc. It’s pretty exciting that the future of banking is a currency without country. That the value of cryptocurrencies are based more on mass hysteria and a quest for value than on the strength and power of a nation’s military. While technically cryptocurrencies can be fiat currencies, Bitcoin, for example, has a limited supply. Bitcoin is the Manhattan and Bay area of Cryptocurrencies. No matter what, there will never be more than 21 million BTC ever produced. What’s more, the closer the currency is to 20999999.9769 BTC, the exponentially harder it will be to mine them: the cost of the hardware required to mine the coin and the amount of electricity required to power that level of brutal computing will probably mean only nation states with access to free electricity (The Three Gorges Dam is a hydroelectric gravity dam, after all). That’s one of the greatest things about meta-coins like the CRPT Tokens: they allow you to straddle the value of a variety of altcoins. You can invest in a variety of cryptocoins and spread your money around and, as Bitcoin becomes too expensive for you or it stagnates (probably won’t, it’ll surely reach $1 million-a-coin at least), you can cross invest and make sure you’re able to work in an environment where your cryptocurrency daily driver won’t be so volatile that the pizza you bought at 11PM for $10 actually cost you $700 because of market volatility. You’d hate that right? Even though that’s a stupid thought game (when I was living in Berlin, a Euro cost $1.30 and a Pound Sterling cost $2, now it’s closer to $1.10 and $1.30), volatility is only good when you’re holding and not when you’re spending. I look forward to Cryptobanks like Crypterium because I like the idea of being supranational and not relying on US or German banks and banking. I love the idea of having my wealth and value swirling both safely and accessibly somewhere in the cloud. And while cryptocurrencies don’t have to be cloud-based and can be actual real things in the form of a private key in a paper wallet, both accessibility and convenience are important for me. So, until now, I have relied on Coinbase, and in the near future, I shall be relying on cryptobanks like Crypterium. Actually, Keith Teare, Co-founder of Techcrunch, does a better job than I at explaining Crypterium: And here’s more info from the horses’ mouths, the Crypterium Team: Like this post?Sign up for our emails here. A pioneer in online social networks and publishing, with a natural facility for anticipating the next big thing, Chris is an Internet analyst, web strategy consultant and advisor to the industries' leading firms. He specializes in Web 2.0 technologies, including content syndication; organize search engine optimization (SEO), online reputation management (ORM), content marketing, online collaboration, blogging, and consumer generated media. Yes, I would like to keep updated on the latest updates from Biznology.com. Biznology is operated by Mike Moran Group LLC 200 Centennial Avenue Suite 200 - #246 Piscataway, NJ 08854

NetworkNewsWire Editorial Coverage: Blockchain has heralded innovation, stretching across both the financial and technological worlds, which has paved the way for new methods of online transaction. The underlying blockchain technology is one such method that not only protects the anonymity of users during transactions, but also allows for the securing of transaction contents.  With the digital age bringing many questions revolving around online transactions, the following companies are integrating the power of blockchain to offer cutting-edge service and support: Epazz, Inc. (OTC: EPAZ) (EPAZ Profile), MGT Capital Investments Inc. (OTC: MGTI), Bitcoin Services (OTC: BTSC), Glance Technologies, Inc. (OTC: GLNNF) (GET: CNX) and Global Blockchain Technologies Corp. (OTC: BLKCF) (BLOC: CC). With its creation in 2009, bitcoin began as a decentralized, peer-to-peer payment network allowing products and services to be purchased online while ensuring that transactions are digitally signed, verified and secure.  This virtual “money” has proven to be ideal for online business, as it makes use of encryption to regulate the generation of currency units that are independent from any central bank.  The technology has been used by micro-merchants intending to lower transaction costs, as well as tech-savvy merchants wanting to differentiate themselves from the competition. Bitcoin seems to be the bait that has attracted more attention to the underlying blockchain technology, and many companies are finding the technology to be an anchor of innovation as new applications and opportunities arise. As an innovative provider of blockchain-based cryptocurrency mobile apps and customized cloud-based business software solutions, Epazz, Inc. (OTC: EPAZ) has a swelling acquisition portfolio featuring a variety of software companies that strengthen its position in the market. The company kicked off 2018 with the release of its ZenaPay blockchain payment system (http://nnw.fm/t8WeY) on the Android Play Store. Already available in the Apple App Store, ZenaPay enables Android users to buy items online or in-store using bitcoin and soon Ethereum . Within two weeks of its launch for the Android operating system, the ZenaPay bitcoin wallet was downloaded more than 10,000 times, demonstrating increased consumer and merchant interest in cryptocurrencies and blockchain. By the end of January, Epazz reported more than 17,000 downloads, and the company has since noted its plans to create new revenue streams by adding other blockchain apps related to the bitcoin wallet. “The initial download activity is a good indicator that there is interest in ZenaPay Bitcoin wallet. We need to give it some time to get more data on user activities. The key with ZenaPay is completing transactions quickly, and with every version, we will keep this mind,” Epazz CEO Shaun Passley, PhD, stated in the press release. Later this month, Epazz intends to release the second version of its ZenaPay app, integrating support for Ethereum and making the platform one of the few available blockchain wallet apps to support multiple cryptocurrencies (http://nnw.fm/2RGHy). As the company notes, bitcoin may have triggered the cryptocurrency craze, but there are several other options on the horizon. Epazz’s strategy is to gauge consumer interest in other cryptocurrencies and support those with the highest demand. Portfolio Expansion Enables Blockchain Synergies January proved to be a month of acceleration for Epazz, as the company expanded its portfolio with the acquisition of Android app CryptoFolio. Designed to make cryptocurrency investments simpler and more practical to track, the app provides users with full control of their cryptocurrency portfolios. While CryptoFolio has reportedly been installed roughly 2,900 times, the company points out that several similar apps have an installed base of more than one million unique users. Epazz plans to launch future versions of CryptoFolio that will include an option to download ZenaPay, as well as features like added cryptocurrencies and additional languages to attract more users. Future plans also include an iOS version of the app. “The synergies with ZenaPay and CryptoFolio are clear,” Dr. Passley stated in a press release (http://nnw.fm/4u2Mi). “CryptoFolio users will benefit from ZenaPay. We will add mobile apps through acquisition or internal development over the next few months. We believe blockchain is a very large industry, and we will use our skills to expand into this market.” Epazz also recently acquired iOS app Bitcoin Charts, creating another opportunity for inter-portfolio synergy. Bitcoin Charts provides live trading data on cryptocurrencies to users on the iOS platform. Epazz intends to combine the app with CryptoFolio to create “the ultimate live cryptocurrency trading app,” which is expected to be available on both the App Store and Google Play, with translations available in 10 unique languages. “We are purchasing the rights to blockchain apps to speed up our market entry into the blockchain industry,” Dr. Passley explained in the news release (http://nnw.fm/VHb8t). “We will add mobile apps through acquisition or internal development over the next few months. We believe blockchain is a very large industry, and we will use our skills to expand into this market.” Epazz’s portfolio also includes unique BoxesOS™ applications, which create virtual communities for enhanced communication, provide information and content for decision-making and create a secure marketplace for any type of commerce. In December 2017, Epazz filed a provisional patent for its new blockchain smart legal contract.  This technology allows transactional contracts to become living contracts that can be tracked and traced, with the added verification that terms within contracts are followed by all parties involved. The company plans to add this technology to BoxesOS, which is currently being upgraded with new blockchain technology. As Epazz continues to expand its portfolio, the company says that all of its software programs will soon have blockchain technology automatically built-in. The new version of BoxesOS will be called BoxesOS 2018 and is expected to feature blockchain payment processing, smart contracts, online document editing, web content management, cloud integration tools, a cloud database and an application builder. “Blockchain-based technology is the future of the Internet. Epazz will add blockchain technology to all of our products in the coming months using our blockchain cloud platform, BoxesOS,” Dr. Passley stated in the press release (http://nnw.fm/RbM1Rd). “The company has been working with customers to understand the best uses of blockchain, and we are excited about filing the first of many blockchain patents, with many more to come.” Epazz has proven itself to be a pioneer in the digital world through the ever-expanding development initiatives on its technologies and an awareness of broader market demand for cryptocurrency and blockchain applications. The company’s forays have placed it in an industry occupied by several other innovators. MGT Capital Investments (OTC: MGTI) is in the business of acquiring, developing and monetizing assets in the mobile gaming and online space, as well as the casino industry.  The company operates through two reportable segments: gaming and intellectual property.  It’s in the process of acquiring D-Vasive. The company’s product includes Sentinel, which protects networks, computers, users and data.  MGT Capital Investments was founded in 1977 and is headquartered in Durham, North Carolina (http://nnw.fm/hl7fQ). Bitcoin Services (OTC: BTSC) engages in the bitcoin and mining of other cryptocurrencies.  The company offers bitcoin escrow service acting as a neutral third party between buyer and seller when doing business online.  It is also involved in the development and sale of blockchain software.  The company was formerly known as Tulip BioMed, Inc. and changed its name to Bitcoin Services, Inc. in March 2016. It was incorporated in 1997 and is headquartered in Kalamazoo, Michigan (http://nnw.fm/STcb1). Glance Technologies, Inc. (OTC: GLNNF) (GET: CNX) is a financial technology company that develops and operates mobile payment processing software and smartphone applications.  It offers Glance Pay, a streamlined payment system that consists of proprietary technology, including user apps available for free downloads on iOS and Android operating systems, a merchant manager app, and a technology hosting environment with anti-fraud technology and payment processing.  The company offers in-app marketing, social media marketing, customer feedback, in-merchant messaging and custom rewards programs to a network of merchants and consumers. Glance Technologies Inc. is based in Vancouver, Canada (http://nnw.fm/ottB8). Global Blockchain Technologies Corp. (OTC: BLKCF) (BLOC: CC) is an investment company that gives investors access to a basket of holdings within the blockchain space that are managed by a team of industry pioneers and early adopters of various cryptocurrencies.  The company was formerly known as Carrus Capital Corporation and changed its name to Global Blockchain Technologies Corp. in October 2017.  Global Blockchain Technologies Corp. was incorporated in 2010 and is based in Vancouver, Canada (http://nnw.fm/Us0aW). Hive Blockchain Technologies Ltd. (TSX.V: HIVE) is focused on bridging the blockchain sector and traditional capital markets. The company has a strategic partnership with Genesis Mining Ltd. to build the next generation of blockchain infrastructure. HIVE owns state-of-the-art GPU-based digital currency mining facilities in Iceland and Sweden, which produce newly minted digital currencies like Ethereum continuously, and provides shareholders with exposure to the operating margins of digital currency mining as well as a growing portfolio of crypto-coins. Hive recently announced the completion of the first phase of its mining complex in Sweden (http://nnw.fm/kw1Xm). SinglePoint, Inc. (SING) has grown from a mobile technology provider into a diverse holding company with a growing portfolio of investments in blockchain-related technology. The company implementing blockchain to the core of its business strategy, specifically as it pertains to the cannabis and other “high-risk” industries. By acquiring companies and technologies with established roots in blockchain services, SinglePoint can provide increasingly integrated options for blockchain-based payment systems. The company recently announced an LOI to acquire Bitcoin Beyond, which was created to overcome the challenges of merchants in the cannabis industry. After market analysts forecast 2018 as the year in which blockchain technology will really heat up, Epazz has set the bar high. The company’s savvy innovations and fast-developing systems spell a new era in online business transactions that have, thus far, shown great potential for expansion in the global market.  With the quick pace of technology in this digital age, effective business communication and security is becoming an increased necessity.  Blockchain’s ideal nature in recording management activity could become the backbone tracking architecture for an ever-developing and transparent structure of digitised documents, transactions, and assets. For more information on Epazz, Inc., visit Epazz, Inc. 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Music Articles Too Much Music: A Failed Experiment In Dedicated Listening Facebook Twitter Flipboard Email January 16, 20188:00 AM ET James Jackson Toth Enlarge this image The futurist artist Luigi Russolo (left) with his noise machine, invented for futurist "symphonies," one of which was performed at the London Coliseum in June 1914. Hulton Archive/Getty Images hide caption toggle caption Hulton Archive/Getty Images The futurist artist Luigi Russolo (left) with his noise machine, invented for futurist "symphonies," one of which was performed at the London Coliseum in June 1914. Hulton Archive/Getty Images In Charlotte Zwerin's 1988 film Straight, No Chaser, Thelonious Monk road manager Bob Jones tells a story about Monk appearing on a television show sometime in the late '50s. Monk is asked what kind of music he likes, to which he replies "all kinds." The interviewer, hoping for a "gotcha" moment, smugly asks "even country?" to which the maverick pianist coolly deadpans, "I said all kinds." Me too. It has been said that we are living in a golden age of music fandom; with a single click, we can access almost every piece of music ever recorded, and for less than it would cost to hear a single song on a jukebox in 1955. But I've begun to feel that my rabid consumption of music, when coupled with the unprecedented access encouraged by new technology, has endangered my ability to process it critically. Streaming has become the primary way we listen to music: in 2016, streaming surpassed both physical media and digital downloads as the largest source of recorded music sales. There are plenty of valid complaints about a music world dominated by streaming. Among the many arguments musicians level against Spotify, for example, one typically repeated is that the artist is the only link in the food chain getting the proverbial shaft. This argument is often predicated on notions of economics, intellectual property and ethics. Missing from a larger discussion is the radical idea that maybe it is the consumers who are being done the greatest disservice, and that this access-bonanza may be cheapening the listening experience by transforming fans into file clerks and experts into dilettantes. I don't want my musical discoveries dictated by a series of intuitive algorithms any more than I want to experience Jamaica via an all-inclusive trip to Sandals. A few years ago, I started noticing that my brain was no longer retaining song titles. I struggled to recall the names of labels, compilations and the members of bands I liked. Partly due to the ubiquity of music playlists and partly due to supply outweighing even my most insatiable of demands, all music was becoming Muzak. In the interest of trying to experience it all, I was fast approaching a saturation point that was rendering me numb. As a person who still legitimately believes in music's potential to transcend life's banalities, disappointments, and even its suffering, this was cause for concern. Like many people about my age I'm 39 I used to study and pore over the records and cassettes in my collection. I read lyric sheets and thank-you lists. I knew every song title on every album, even the ones relegated to the deep recesses, like side 2, track 4. Music was religion, mythology and history rolled into one. The narratives became as important to me as the music itself; I studied lineages, developed affinities, obsessed over mythos and minutiae. If you're the type of person who has learned to identify a wine's year of harvest and country of origin with a single sniff of a cork, these nascent stages of obsession will be familiar. My familiarity with any album was almost directly proportional to whether or not that album was purchased alone or had arrived in a batch with several other albums. For instance, albums received as Christmas gifts were judged quickly and more harshly than an album purchased with money earned shoveling snow or raking leaves. Even as the passage from adolescence to adulthood afforded less time to devote to this kind of mania, I continued to feverishly pursue new music while most of my crate-digging peers and companions dropped off and developed other interests. I couldn't understand why a friend who loved one Sonic Youth album didn't want to own all the other Sonic Youth albums. I didn't understand people who claimed to love the Stones but couldn't tell you what year Ron Wood replaced Mick Taylor. When someone told me they "don't really pay attention to lyrics," I would stare at them as if they'd just dipped a Snickers bar into a jar of mustard. Rather than feeling alienated by such posers, I viewed them as further affirmations of my own uniqueness: I had nothing in common with people for whom music was merely an entertaining distraction from real life rather than a way of life itself. When you're young, few things keep you caring about a thing more than feeling like you're the only one who really cares about it. I know far more today about albums I hated in 1990 than I do about my favorite albums released last year. This fact troubled me, and I wanted to do something about it. But first I needed to try to isolate when and why the way I listened to music changed in the first place. *** In the early '90s, I found myself drawn towards activities familiar to any music fanatic faced with a need to feed their habit. While still in high school, I founded several bands, began volunteering at the college radio station and took a job at a local record store. I befriended other musicians. I wrote music reviews for various zines and newspapers and I started my own label. It wasn't long before I became acquainted with the greatest fringe benefit of thankless and/or low-paying jobs in the lower rungs of the music biz: promotional copies. By the end of any given week, I had more music on my desk than someone only a century ago was able to hear in five lifetimes, and all without spending so much as a dollar. Then came the Internet. As a listener, critic, label owner, veteran record store clerk and professional musician, I have for many years been a vocal opponent of both Spotify and illegal downloading on economic, ethical and aesthetic grounds, having witnessed firsthand their destructive force. But I will confess that when peer-to-peer file-sharing came into my life about 15 years ago, I was not immune to its siren song. Remember astronaut Dave Bowman's facial expression during the Star Gate sequence of 2001: A Space Odyssey? That was me, around the time of the actual, non-fictional 2001, discovering how easy it was to download MP3s. Shortly after we'd purchased our first desktop PC, my then-girlfriend downloaded the file-sharing program Audiogalaxy. In an intense sleep-deprived delirium bordering on narcotic, I downloaded every private press/weirdo/garage/psych/folk/prog/punk record I'd ever heard about throughout my years of fanzine-and-catalogue-trawling and conversations with other musicians and collectors. I challenged Audiogalaxy by plugging in to the search engine the most obscure records I could think of, but it couldn't be stumped. It was incredible. I missed a few shifts at the record store and definitely lost a few nights of sleep. I remained indoors and had to be reminded to take regular meals. Only in retrospect can I see that my obsession with music once the proud badge of the misfit, the precocious autodidact was beginning to resemble something prosaic and common, like an addiction to World of Warcraft or Internet porn. When Audiogalaxy vanished, another peer-to-peer program, Soulseek, took its place; same dealer, different street corner. All the while, I continued purchasing physical media several times a week (a habit that continues to this day), but many of these treasures now remained neglected for months at a time. Soon came the practice of exchanging music with friends via Dropbox and Yousendit. Podcasts and playlists, Soundcloud and Bandcamp. Music everywhere. Music every day. Music every minute. Tripping over unopened parcels of LPs and small towers of factory-sealed CDs, I recognized that I was becoming recklessly, needlessly acquisitive. I added up the time spent collating and organizing the glut of digital data on my hard drive, the untold hours maintaining a bulging collection of records, CDs and cassettes. My collection was starting to feel like an albatross, and, ironically, was cutting into my recreational listening time. On New Year's Eve 2013, I made a resolution: "Less stockpiling; more listening." Like most resolutions, this one was mostly forgotten by the first week of February. And then one day, a revelation: It occurred to me that it was no longer just difficult to hear all the music I'd amassed, but impossible. I mean literally, mathematically impossible: I calculated that if I lived another, say, 40 years, and spent every minute of those next 40 years that's no sleeping, no eating listening to my collection of music, I would be dead before I could make it all the way through. That means there are records I own today that I will definitely never hear again. It was a sobering thought. Toward the end of David Foster Wallace's 2001 short story "Good Old Neon," the narrator recognizes the "state in which a man realizes that everything he sees will outlast him." With one single calculation, made on a whim, I had placed myself in this very state. What did I do after spending a few reflective moments reckoning with this bleak logic? I bought some records. I did so not as an ironic palliative to the grim calculation I'd just made, as narrative might dictate. On the contrary, I did so thoughtlessly, compulsively, simply because it was part of my routine. Clearly, I needed to make some changes. I concocted a bold experiment: For the entirety of 2017, I would listen to just one album a week. I decided to conduct this experiment because I romanticized the days of intimate close listening, of prolonged concentrated meditation with an art object, and I sought to reactivate the ritual function of such encounters. I knew that "tuning out" and taking myself out of the loop of new releases, reissues and fledgling artists would require discipline, but I was sure the results would be worth the sacrifice. The rules: One album a week. No exceptions. Avoid other music whenever possible, but don't be so unyielding about it that you become insufferable to your friends and family. Each week's album must be something you own in physical, "hard copy" form, because the experience must involve interaction with the object as a whole. You will read liner notes and lyrics, and engage with the artwork. Become familiar with names of band members. Learn the producer's name. Where was the album recorded? What time of year? Can you hear this in the music? You are free to listen to your weekly album in any context you desire. At least a few "dedicated listens" should be considered mandatory, but you are also free to listen casually, while doing other things, if you like. It shouldn't feel like homework. The album can be old or new, in any genre. Revisiting albums with which you are already somewhat familiar is encouraged. There is no minimum amount of listening time required. If you dislike an album so much that you'd sooner choose a week of quiet rather than endure it a second time, so be it. Enjoy the silence. For week one, I chose Autechre's 2010 album Oversteps, one of the British electronic duo's latter-day full-lengths with which I am less familiar, despite having purchased a copy of the CD on the day it was released. Choosing an Autechre album to kick off the experiment was not an arbitrary decision: my reasoning was that there was enough texture and nuance in Autechre's singular brand of sound design to retain my attention over the course of multiple listens. I also relished the irony of attempting to reacquaint myself with ostensibly primitive listening practices by listening to one of the most technologically advanced musical acts of all time. By the end of the week I hoped to become so intimately familiar with the machine-crunching, software-strangled squelches on Oversteps that I'd be hearing them in my sleep. *** Making breakfast to Autechre wasn't as challenging as I feared. Though usually I prefer to listen to something a little more traditionally metronomic when engaging in menial tasks, I found Autechre's post-humanist din oddly conducive to omelet-making. This was going to be fun! Things began to fall apart almost immediately. I checked my email. At this moment it is barely 10am, and already four messages in my inbox tempt me with potential musical serotonin-blasts: a friend's compilation of NRBQ rarities; a link to a website where some benevolent maniac had painstakingly assembled a Grayfolded-style playlist of all the Dead's best "Dark Star" improvisations taken exclusively from the Europe '72 tour; a mailing list update from my go-to guy for all things blues and zydeco, full of enticing clips; and finally, news from the peerless Eremite label announcing a new album by Chicago polymath Joshua Abrams, with a YouTube link to the album's first single. Without thinking, I click the link and listen. The song is great, and it makes me regret that I hadn't really given Magnetoception, Abrams' previous album, the time or attention I had given his other LPs, and I begin wondering where I'd filed that record. Oblivious to the folly unfolding before me, I locate my copy of Magnetoception. Just as I do, the mail arrives. It's a package from U.K. distro Juno Records containing a repress of the Screamers, Bangers & Cosmic Synths compilation, released by the tiny Triassic Tusk label. I've heard this comp already, of course, but not on vinyl, and I really want to listen to it. Good sense and willpower prevail, however, at least for now: I reason that, given the record's not-insubstantial $35 price, seductive packaging and wide range of artists and moods, it will make a perfect "week two" album. But I don't want to wait. I start to feel petulant. I'm an adult with free will and lots of free time; why am I depriving myself of certain joy? Generally speaking, I have always struggled with delayed gratification, and I eye the open parcel on the kitchen table the way one might eye a package of Double Stuf Oreos on the third day of a diet. I will remind you it is still day one of this experiment, and barely noon. The entire endeavor begins to feel masochistic and trivial. Could it be that I'm just trying to talk myself out of continuing? Am I a "deep listener" or merely another trophy-hunting collector? I'd always considered myself the former. So why do I feel, while I am listening to music I enjoy, that I'm missing out on something else? Why does direct engagement with a work of art suddenly feel like a fruitless attempt at multitasking? One thing is certain: I don't want to listen to Autechre anymore, at least not today; I want to listen to this "compilation of records played in the early years of the Moon Hop club in Scotland." I want to hear not only Nigerian disco outsider Steve Monite's irresistibly bizarre "Only You," but also the unlikely marriage of gnarly garage fuzz and samba that is "Hey Mina" by The Jones and the darkly funky nuclear cautionary tale of "Last Chance to Dance" by Afrikan Dreamland. But I restrain myself. More new messages arrive in my inbox. A songwriter whose album I may be producing later in the year has sent three new demos for me to listen to and comment on. Another friend emails to remind me he's in town this week to play a gig and hopes to see me. My wife proposes a late lunch at our favorite neighborhood Ethiopian restaurant. One of the reasons we like this restaurant so much is because its young proprietors are always playing the most incredible music and, despite my lifelong aversion to piped-in music in public spaces, I make a small exception for any establishment that has a favorite Augustus Pablo album. Today they are playing something unusual I've never heard before. My wife notices it too and before I can ask her to "Shazam it," she is already hoisting her phone above her head toward the mounted speakers, hurriedly placing a finger over her lips to make the universal sign of "be quiet a second." Turns out it's something called the Lafayette Afro Rock Band. I make a note to check it out later. I begin to really understand why recovering addicts isolate themselves from old neighborhoods and old friends in order to stay clean. A friend once floated a theory that I've grappled with ever since. She claimed that we only ever really love 10 albums, and we spend the rest of our listening lives seeking facsimiles of those 10, pursuing the initial rush, so to speak. At the time, I argued with her, mostly because I didn't want this to be true. But even as I protested I began recalling how many times I compulsively "added to cart" an item whenever some savvy vinyl-hustling mountebank deployed the phrase "Velvets-y" or "Royal Trux-ish," and how many times I'd bought reissues promising the "holy grail" of "private press proto-doom" only to discover tepid bar rock that sounded like a warmed-over Bad Company. Our individual dragons may vary Sabbath or Coltrane or Beatles or Beefheart but we're all chasing 'em. *** It's been three days, and I've listened to Oversteps one-and-a-half times: once while making breakfast and once in the car while running some errands, during which time I managed to get through about four songs. I have yet to give the album my undivided attention. By now I have "cheated" on Oversteps several times by listening to other music, though, it must be said, far less of it than usual. Maybe it will just take me a few weeks to adjust to my resolution. My immediate plan is to commune with Oversteps with a smoke and my good headphones. But my wife finishes her work early and descends the stairs, breaking my reverie. Before I can even consider subjecting her to Oversteps, she's already at the Rega and reaching for Eric Dolphy's Outward Bound. I don't protest. Man, this is a terrific record, I think, one I might slightly prefer to his other "out"-themed records, Out There and Out to Lunch. Who's the pianist on this date, again? Oh, right, Jaki Byard. I should get more of his records. I make another mental note, still somehow unaware of the ridiculous caricature I have become. I go to bed without having made it back to Oversteps. Four days in, I resign myself to the fact that my experiment is a complete failure, and there is no point in continuing it. My willpower collapses absolutely; my desire to hear Autechre anything by Autechre is gone. I admit defeat by listening to the Screamers, Bangers & Cosmic Synths comp while cleaning my office. Why did the experiment fail? For one thing, it failed because it was unpleasant, and I didn't want to do it anymore. More importantly, I couldn't help feeling almost immediately that I had already reached a conclusion: Modern life, with all of its informational density, has rendered filtering out the noise virtually impossible. Perhaps if I'd holed myself up in a remote cabin and attempted the experiment in isolation, it might have yielded different results, but short of a Twilight Zone, Burgess Meredith-as-lone survivor-of-thermonuclear-war scenario, such a setting would merely be a simulation and would thus defeat the purpose, not to mention almost certainly result in recidivism the moment I reunited with my iPod. The hasty abandonment of the experiment also forces me to confront something about myself that should have been obvious all along: If, at the age of 11, I had been granted access to not just the one Kreator album I listened to every day, but everything Kreator ever recorded, I would not have hesitated for a second before mainlining every demo, bonus track and live version available to me. The notion that there is something to be gained by choosing this type of scarcity, by actively inviting a kind of regression, suddenly seems, to this Western mind, pretty stupid. It dawns on me that I've made this choice not for reasons of spiritual asceticism or worldly good, but nostalgia, the last refuge of the middle-aged sad-sack. I begin feeling like a Civil War reenactor, or the man at the Renaissance Faire who scolds you for wearing a watch; a pedant, an anachronism. The very embodiment of everything about a 40-year old that baffles a 20-year old. Perhaps I'm being too hard on myself. When asked in a 2009 interview with the Wall Street Journal whether he thought the epic novel was still relevant to modern readers, author Cormac McCarthy surprised me by conceding the following: "The indulgent, 800-page books that were written a hundred years ago are just not going to be written anymore and people need to get used to that. If you think you're going to write something like The Brothers Karamazov or Moby-Dick, go ahead. Nobody will read it. I don't care how good it is, or how smart the readers are. Their intentions, their brains are different." He may be right. As long as we try to maintain the Sisyphean task of trying to experience everything, our brains, unable to adapt and forever lagging behind exponential technological progress, will continue to struggle. "Computing power is still doubling every 18 months," notes cryptographer and technology writer Bruce Schneier, "while our species' brain size has remained constant." No one has ever fought progress and won, but notions of progress are ambiguous. Realizing I can come across as something of a relic, I wonder if my experiences in music consumption have rendered me less assimilable than some of my peers to this pivotal, transitional and (it must be said) exciting period. My arrogance was not in believing I was immune to the way our relationship to music has been irrevocably altered by technology and the occult market forces that engender it, but that I somehow possessed the ability to transcend it by making myself immune. I try to recall the last novel I read that was longer than 400 pages; it's been awhile. At least I'm in good company: Of the many self-described "film buffs" I know, none have braved Krzysztof Kielowski's acclaimed Dekalog, a ten-hour series of episodes often cited as one of the greatest films of the 20th century; of the dozens of Bob Dylan fanatics with whom I am acquainted, I can think of only one who has braved the entirety of The Basement Tapes Complete, a box set containing a staggering 138 tracks from the famed sessions. I recall my dentist, who couldn't help interrupting his drilling to periodically consult his iPhone during my recent visit to have a cavity filled. *** Maybe it's time for new resolutions, new experiments. My goal going forward, if I am to retain my sanity, seems clear enough: to try to avoid imposing fixity on an increasingly fluid world, and to surrender in good faith to the flow, even when I struggle to find good reasons to embrace it. Less stockpiling, more listening? Sure. But I don't believe I will ever pass a stack of dusty CDs in a Goodwill and not feel a pang of excitement, an insatiable curiosity, a compulsive need to rifle, touch, and understand. My old behavior is simply too enjoyable, too integral to my identity to give up completely. My father once challenged me on what he perceived as the senselessness of my record-buying habit, and I explained to him that the happiest feeling in the world, for me, was walking into a record store with a few dollars to spend; few things have ever made me feel as good, and I suspect few things ever will. There is, in any obsession, a kind of helplessness, but as addictions go, this one has always seemed to me pretty harmless. The modern world, however, has issued a new and terrifying challenge: Try and keep up. The diluvial nature of modern media leaves us little time to pause. The challenge, then, is to cultivate the patience and the discipline necessary to engage more deeply than the modern world allows. Just because we are flooded doesn't mean we have to drown. James Jackson Toth has written about music and culture for NPR, Stereogum, Salon, Aquarium Drunkard, and The Wire, among others. He also performs music as Wooden Wand. Correction Jan. 18, 2018 A previous version of this story described Straight, No Chaser as a Clint Eastwood film. Charlotte Zwerin directed the film. Eastwood produced it. Facebook Twitter Flipboard Email

Essay/ Economics Photo by Martina Birnbaum/EyeEm/Getty Economics is quantum Money and brains are both quantum phenomena so it's not surprising that economics is overdue for a quantum revolution David Orrell Photo by Martina Birnbaum/EyeEm/Getty David Orrell is a writer and mathematician. His research on complex systems has been featured in the Financial Times, BBC radio and New Scientist, and his writing on science and economics has been published in World Finance, Bitcoin Magazine and The New Economy, among others. His latest book is The Money Formula: Dodgy Finance, Pseudo-Science, and How Mathematicians Took Over the Markets (2017), co-written with Paul Wilmott. He lives in Toronto. 4,000 words Edited by Sam Dresser Syndicate this Essay Get the Aeon newsletter: daily/weekly updates on everything new at Aeon Daily Weekly Im not absolutely certain of my facts, wrote P G Wodehouse in his story Jeeves and the Unbidden Guest (1925), but I rather fancy its Shakespeare who says that its always just when a fellow is feeling particularly braced with things in general that Fate sneaks up behind him with the bit of lead piping.It certainly seems to be the case in science that, just before a field is completely disrupted by a major discovery, someone has to make a statement that sums up the fields complacency for future historians. For years in the future, people can look at it and think, they had no idea what was about to hit them (and sometimes the lead pipe is used more than once).In 1894, this task fell to the American physicist Albert Michelson, later Nobel laureate, when he announced that it seems probable that most of the grand underlying principles have been firmly established, and that further advances are to be sought chiefly in the rigorous application of these principles. A few years later, those principles were hit by the discovery that, at the subatomic scale at least, nature moves in sudden quantum leaps and jumps.A century on, at the 2003 Presidential Address of the American Economic Association, the job fell to the Nobel laureate, economist Robert E Lucas Jr, who told his audience: My thesis in this lecture is that macroeconomics in this original sense has succeeded: its central problem of depression-prevention has been solved, for all practical purposes, and has in fact been solved for many decades. A few years later, that conclusion was shattered by the discovery that the economy had suddenly leaped off a cliff.Lucass optimism was not out of place at the time. With its visions of efficient markets and rational expectations all firmly grounded in mechanistic equations, economics was the undisputed queen of the social sciences. But the question now is whether history will repeat itself in another sense. In physics, the quantum revolution reshaped the field. Will the financial crash lead to a similar reshaping of economics? After all, mainstream or neoclassical economics is explicitly based on the classical mechanics of the 19th century, with people seen as individual atoms, their behaviour guided by deterministic laws. Surely it is ripe for an update?Indeed, in recent years there have been many calls for economics to reinvent itself, most noticeably from student groups such as the Post-Crash Economics Society, and Rethinking Economics. In 2017, the United Kingdoms Economic and Social Research Council announced that it was setting up a network of experts from outside economics whose task it would be to revolutionise the field. And there have been countless books on the topic, including my own Economyths (2010), which called for just such an intervention by non-economists.But progress has been slow. Back in 2008, the French physicist and hedge-fund manager Jean-Philippe Bouchaud wrote the paper Economics Needs a Scientific Revolution in the journal Nature. In late 2017, he provided an update to the Financial Times: Following the financial crisis, many of us hoped that the economics profession had finally realised that their models were not representative of how the real economy works, and that their flawed methods would quickly change. That assumption was wrong. He concluded that: If we dont embrace new methods of modelling the economy, we will be as blind to the next crisis as we were to the last one.One problem is that, while there have been many demands for a revolution, the exact nature of the revolution is less clear. Critics agree that the foundations of economics are rotten, but there are different views on what should be built in its place. Most think that the field needs more diversity and should be more pluralistic, and feel that the emphasis on economic growth for its own sake needs to be reconciled both with environmental constraints, and fair distribution. Many, including Bouchaud, argue that economists need to adopt techniques from other areas such as complexity theory. There have been attempts to base the subject more on data than on theory. And, of course, the idea of rational economic man which forms the core of traditional models should be replaced with something a little more realistic.But what if the problems with economics run even deeper? What if the traditional approach has hit a wall, and the field needs to be completely reinvented? What if, as with 19th-century physics, the problem comes down to ontology our entire way of thinking and talking about the economy?And what if the metaphorical piece of lead piping that mugged both physics and economics was in each case exactly the same thing namely, quantum reality?For a start: what is economics? If you ask an economist, or look in a textbook, it turns out that most follow the English economist Lionel Robbins, who wrote in 1932: Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Or as it is often paraphrased, economics is the science of scarcity.And if you ask, what is the point of economics what is it trying to do? then the typical answer is to say that economics is about optimising utility. Or as one book put it: Economics is about happiness.And finally, if you ask how this is accomplished, you learn that prices correspond to the intersection of supply-and-demand curves, which represent the utility-maximising behaviour of selfish rational consumers and producers, whose homogeneous behaviour is typically modelled using a handful of representative agents, perhaps with various tweaks for bounded rationality and so on. The result is a roughly stable and optimal equilibrium.But something doesnt add up about these responses. For one thing, if economics is about solving scarcity and making people happy by optimising prices, then it appears to be doing a rather poor job. In many countries, inequality has ballooned in recent decades, while reported happiness levels seem to have peaked some time back in the 1960s. The financial crisis didnt make many people happy, except some bankers.The price theory assumes that there exist fixed and independent curves that describe supply and demand, but the reality is that these forces are coupled and in flux and the idea that they lead to a stable and optimal equilibrium seems more than a little wobbly.The tenets of mainstream economics are made-up, no more real than Medieval astronomers crystalline spheresEven stranger, though, is that in answering these basic questions money hardly seems to be mentioned despite the fact that one would think money is at the heart of the subject. (Isnt economics about money? Arent prices set by using money?) If you look at those textbooks, you will find that, while money is used as a metric, and there is some discussion of basic monetary plumbing, money is not considered an important subject in itself. And both money and the role of the financial sector are usually completely missing from economic models, nor do they get paid lip service. One reason central banks couldnt predict the banking crisis was because their models didnt include banks.Economists, it seems, think about money less than most people do: as Mervyn King, the former governor of the Bank of England, observed in 2001: Most economists hold conversations in which the word money hardly appears at all. For example, the key question of money-creation by private banks, according to the German economist Richard Werner, has been a virtual taboo for the thousands of researchers of the worlds central banks during the past half century. And then there is the mass of complex financial derivatives, whose nominal value was estimated in 2010 at $1.2quadrillion, but which is nowhere to be found in conventional models, even though it was at the root of the crisis.To sum up, the key tenets of mainstream or neoclassical economics including such things as utility or demand curves or rational economic man are just made-up inventions, no more real than the crystalline spheres that Medieval astronomers thought suspended the planets. But real things like money are to a remarkable extent ignored.In physics, the quantum revolution was born when physicists found that at the subatomic level energy was always exchanged in terms of discrete parcels, which they called quanta, from the Latin for how much. Perhaps we need to follow the quantum lead, and look at transactions between people. In economics, the equivalent would be exchanges of money like when you go into a shop, point at something, and ask: How much? Or, if youre in Italy, Quanto?, which makes the connection a little clearer.Of course, the money objects we use in exchange, such as coins, might not seem to resemble subatomic objects. But look a little harder, and the fields of economics and quantum physics have much in common.The most basic insight of quantum physics was that matter or energy does not move continuously, but is transmitted in discrete, sudden jumps. Money, of course, is the same there isnt a little needle showing the money draining out of your account when you make a payment, it just goes in a single step. And as a Bank of England paper noted in 2015, one reason the money-creation process is hard to accommodate in traditional models is that it works instantaneously and discontinuously (their emphasis) rather like the creation of quantum particles out of the void.In quantum physics, attributes such as position or momentum are fundamentally indeterminate until measured, and according to the uncertainty principle cannot be known beyond a certain precision. Similarly, moneys use in transactions is a way of attaching a number (the price) to the fuzzy and indeterminate notion of value, and therefore acts as a kind of quantum measurement process. When you sell your house, you dont know exactly how much it is worth or what it will fetch; the price is revealed only at the time of transaction.One of the more mysterious aspects of quantum physics is that particles can become entangled so that they become a unified system, and a measurement on one affects the other instantaneously. In economics, the information encoded in money is a kind of entanglement device, because its creation always has two sides, debt and credit (for example modern fiat money represents government debt). And its use entangles people with each other and with the system as a whole, as anyone with a loan will know. If you go bankrupt, that immediately affects the state of your creditors, even if they dont find out straight away.According to quantum physics, matter is fundamentally dualistic in the sense that it is composed, not of independent, billiard ball-like atoms, but of entities that behave in some ways as virtual waves, and in other ways as real particles. Neither the particle nor the wave description is complete by itself. This sounds confusing but the same can be said of money, which is also real and virtual at the same time. For example, a coin is made by pressing a stamp into a metal slug. The stamp specifies the numeric value of the coin, while the metal represents its value as an object that can be owned or exchanged. It therefore lives partly in the virtual world of numbers and mathematics, and partly in the physical world of things and people and value, which is one reason for its perplexing effects on the human psyche.You dont need to be an Einstein to know that tapping a credit card initiates a virtual money transferThroughout its history, money has alternated between these two sides, presenting either as a virtual system for accounting (clay cuneiforms in ancient Mesopotamia, wooden tally sticks in early Medieval England, electronic money today), or as a treasured thing (Ancient Greece and Rome, the gold standard), while retaining the essential characteristics of each. The dichotomy is also reflected in our two main theories of money: chartalism, which says that money represents a virtual debt to the state; and bullionism, which says it boils down to metal. Most economists ignore the debate and treat money as an inert medium of exchange with no special properties of its own. The situation therefore resembles the old debate about whether light was a virtual wave (Aristotle) or a real particle (Isaac Newton). Eventually, quantum physicists came to the conclusion that light isnt a particle or a wave, it is both at the same time. Most people didnt care, and just worried about keeping the lights on, and so it is with money.It is something of a clich to say that the discrete, dualistic, entangled and uncertain behaviour of quantum matter challenges every aspect of our commonsense worldview. But it does not seem quite so bizarre or alienating when viewed from an economic perspective in fact, we deal with it every time we go shopping or cash a cheque. The point is not that quantum mechanics can be viewed as a metaphor for understanding money, but that the economy is a quantum system in its own right, with its own very real versions of measurement, indeterminacy and entanglement. An advantage is that these concepts lack the obscure and confusing nature of their counterparts in physics. You dont need to be an Albert Einstein or an Erwin Schrdinger or have a degree in quantum mechanics to know that value is uncertain, or to understand that tapping your credit card initiates a virtual money transfer.The quantum nature of money only comes fully into its own, however, when it interacts with another delicate quantum system the one that designed it: our brains.The most disturbing and weird feature of quantum physics, at least for quantum physicists, was that it seemed to hold out a role for consciousness. According to the standard Copenhagen interpretation, a particle such as an electron is described by a mathematical wave function, whose amplitude at any point describes the probability of finding the electron at that location. This wave function collapses to a certain value during the measurement process. No one knows how this collapse occurs, but a conscious observer is usually assumed to be involved, which seemed to undercut the idea of physics as a purely objective science. (It tells you something about science that consciousness the one thing we all have direct experience of can be considered disturbing and weird.) It is perhaps unsurprising then that consciousness, and the way that we pattern our thoughts, seems to have much in common with quantum physics.One of the hottest areas in economics, especially since the crisis, has been behavioural economics, which was founded in the 1970s by the psychologists Daniel Kahneman and Amos Tversky. The most basic lesson of behavioural economics seems to be that making decisions is hard, so we look for shortcuts. And we are easily influenced when someone the state, an advertiser, our social group, or even our own habits supplies that shortcut. For example, we prefer to stick with what we know and we dislike change, which explains why investors often cling on to shares that do nothing but go downhill. Recency bias means that we put too much weight on new information like last years investment returns than older information such as historical returns. And in general our decisions are shaped by things such as history and context.However, while behavioural economists can model these effects, they can do so only on a case-by-case basis. And a number of scientists believe that the problem is not so much that people are being irrational; it is just that they are basing their decisions, not on classical logic, but on quantum logic. After all, quantum systems, such as us, are intrinsically uncertain and affected by history and context.A new kind of economics will point the way to a better, fairer economy. Or at least one less likely to blow upOne person to make this connection was the Pakistani mathematical physicist Asghar Qadir, who pointed out in 1978 that quantum mechanics seems a better fit than classical mechanics to modelling the vagaries of economic behaviour. His paper made few waves, but in the 1990s a number of researchers working in social sciences such as psychology showed how our decision-making at the individual or societal level can be modelled and even predicted using a quantum formalism. This grew into the field of quantum cognition and later quantum social science. As the political scientist Alexander Wendt noted in Quantum Mind and Social Science (2015), the situation is again similar to physics at the start of the 20th century: In both domains rigorous testing of classical theories had produced a string of anomalies; efforts to explain them with new classical models were ad hoc and partial; and then a quantum theory emerged that predicted them all with great precision.At the same time, other researchers were applying the quantum formalism to the area of quantitative finance, which is used for modelling the behaviour of financial markets. It turned out that many of the formulas regularly used by quants to value derivatives such as options (the right to buy or sell a security for a set price at a future date) could be restated as quantum effects. The Black-Scholes equation, for example, can be expressed as a version of the Schrdinger wave equation from quantum physics. Markets even have their own version of an uncertainty principle (which will come as no surprise to investors).To date, the focus in quantum finance and quantum cognition has primarily been on reproducing the results of neoclassical or behavioural economics using the methods of quantum physics. Combined with quantum money, though, the result I believe points towards a new kind of economics that will overturn the most basic assumptions of traditional economics, and point the way to a better, fairer and more sustainable economy. Or at least one less likely to blow up.So how to define this new, quantum-inspired economics? It is not the science of scarcity, and it certainly isnt the science of happiness (which is not to say these things arent important); rather, it can be defined as the study of transactions that involve money. Instead of assuming that market prices represent the intersection of made-up curves and optimise utility, prices are seen as the emergent result of a measurement procedure. Rather than modelling the economy as a kind of efficient machine, it makes more sense to use methods such as complexity theory and network theory that are suited to the study of living systems, and which as mentioned above are now being adopted in economics. One tool is agent-based models, where the economy emerges indirectly from the actions of heterogeneous individuals who are allowed to interact and influence each others behaviour, mirroring in some ways the collective dance of quantum particles. Agent-based models have managed to reproduce for example the characteristic boom-bust nature of housing or stock markets, or the effect of peoples expectations on inflation. Meanwhile, network theory can be used to illustrate processes and reveal vulnerabilities in the complex wirings and entanglements of the financial system.Because it starts from different assumptions and uses different methods than mainstream economics, the quantum version also comes to very different conclusions and predictions. Instead of assuming that market forces drive prices towards a stable equilibrium, it sees the economy as driven by complex feedback loops, including those that affect the creation and destruction of money by private banks. One conclusion is that the risk models currently taught in universities and business schools, and relied upon by businesses and financial institutions, are not fit for purpose (as many guessed after the last crisis).Instead of rational economic man, who makes decisions selfishly to optimise his personal utility, we have quantum economic person, who is unselfishly entangled with other quantum economic people. Happiness is therefore not a solo pursuit that economists can calculate and optimise. And instead of seeing the economy as a machine devoid of such things as will, volition and personal responsibility Milton Friedman, for example, wrote in 1953 that economics is in principle independent of any particular ethical position or normative judgments [It] is, or can be, an objective science, in precisely the same sense as any of the physical sciences quantum economics (if we can call it that) sees the economy as a living system where ethics plays an important role. One lesson from the crisis was that economists were heavily implicated in the financial system that they were responsible for regulating, for example through highly paid consulting gigs; as in quantum physics, the observer is never separate from the system.And while neoclassical economics treats market failures such as economic inequality and environmental degradation as aberrations or externalities, from a quantum perspective they appear more to reflect the conflict inherent in money between numeric price and real value, as manifested in a debt-based financial system that prioritises growth above all else. The theory therefore builds on the findings of thinkers such as the English chemist Frederick Soddy (who switched to economics after being awarded a Nobel Prize in 1921 for his work on the basic properties of radiation), the American ecological economist Herman Daly, and many others, who have made similar statements.A theory is likely to be accepted if it tells a story that benefits a powerful constituencyIn fact, many aspects of this quantum economics can be found in so-called heterodox economics ie, theories that dont fit with the mainstream. And the problems were summed up as long ago as 1926, when John Maynard Keynes perhaps inspired by the quantum revolution that was then in full swing, or perhaps mindful of that piece of lead piping left on the ground wrote that: We are faced at every turn with the problems of Organic Unity, of Discreteness, of Discontinuity the whole is not equal to the sum of the parts, comparisons of quantity fail us, small changes produce large effects, the assumptions of a uniform and homogeneous continuum are not satisfied. Conventional mechanistic models can no more incorporate such effects than pre-quantum models of the atom could incorporate quantum effects. Unfortunately, mainstream economists failed to recognise or act on this, but instead remained wedded to their classical approach.So will the heterodox become the new orthodoxy, and economics go quantum? It would be nice to say that the answer will depend on some impartial test, like the ability to make accurate predictions, but of course this is far from being the case; neoclassical economics has remained in place for a century and a half without much of a predictive track record to boast of (the main achievement of the efficient-market hypothesis was to provide an excuse). Instead, a theory is likely to be accepted if it tells a story that benefits a powerful constituency.The mainstream mantra that the economy is stable, rational and efficient was perfect PR for the financial sector, so quantum economics cant compete with that. Its natural constituency is instead similar to that which fuelled the anti-nuclear protests: people including scientists and non-economists who have lived through the recent financial crisis, and who want to prevent it from happening again.Economics, which models itself after 19th-century physics, is clearly due for an update.But here revolution doesnt seem to be quite the right word, because the revolution already happened a century ago. What we need is a recognition. As Marshall McLuhan wrote in Laws of Media: The New Science (1992): I do not think that philosophers in general have yet come to terms with this declaration from quantum physics: the days of the Universe as Mechanism are over. Nowhere is that more true than in economics. Subscribe to our newsletter Get daily/weekly updates on everything new at Aeon. Daily Weekly Syndicate this Essay Economics History of Science Physics All topics David Orrell is a writer and mathematician. His research on complex systems has been featured in the Financial Times, BBC radio and New Scientist, and his writing on science and economics has been published in World Finance, Bitcoin Magazine and The New Economy, among others. His latest book is The Money Formula: Dodgy Finance, Pseudo-Science, and How Mathematicians Took Over the Markets (2017), co-written with Paul Wilmott. He lives in Toronto. aeon.co 04 January, 2018

The following is an excerpt from our Macro Intelligence Report (MIR). If youd like to learn more about the MIR, click here. On May 22nd 2010, computer programmer Laszlo Hanyecz ordered two Papa Johns pizzas. They were Hawaiian style. He paid $60,000,000. According to Laszlo, they were your typical Papa Johns, and tasted only okay In 2013, a Brit by the name of James Howells accidentally threw away a laptop worth over $45,000,000. He realized what hed done a few months later and went down to the landfill to dig through mountains of garbage to no avail. James says hes now at the point where its either laugh about it or cry about it Why arent I out there with a shovel now? I think Im just resigned to never being able to find it. In 2009, a Norwegian named Christopher Koch made a $27 investment on a whim. The investment annoyed his then girlfriend who thought it was a waste of money. Today, his $27 investment is worth $30,000,000. Chris now owns property in Toyen, the wealthiest neighborhood in Oslo. He has a new girlfriend. Youre probably wondering what Im talking about. Who are these guys that would drop millions on a pizza or somehow forget about buku money stored on a laptop? The common thread here is bitcoin the first and most popular cryptocurrency. I was having some fun with the numbers. You see, Laszlo didnt really spend $60M on two Papa Johns pizzas. He paid $25 for them, but in bitcoins. 10,000 of them to be exact. It was the first recorded merchant transaction in cryptocurrencies ever. But the price of bitcoins has gone up a bit since then. A single bitcoin today is now worth over $6,000. Those 10,000 bitcoins that amounted to only $25 in 2010 are now worth over $60M. So in hindsight, it was an expensive pizza. Bitcoin has had an annualized rate of return of 715% since then. As far as returns go, thats pretty darn good If you would have bought $10,000 worth of bitcoin in 2009, when our lucky Norwegian bought his, your investment would now be worth roughly $1,200,000,000. Granted, you would have had to sit through horrendous volatility and numerous drawdowns in the +80% range, but still. Alright, Im done pointing at how extremely rich we all could have been if wed just bought a couple pizzas worth of bitcoins a few years ago. We didnt we bought actual pizzas instead so lets wipe our tears and move on. In this months MIR, were going to talk about bitcoin, cryptos, blockchains and all that good stuff. Theres a lot of hype, one could even say a religious zealotry around cryptocurrencies future. Its not hard to understand why. Bitcoin is up over 500% again this year and many of the other cryptocurrencies are up even more. Returns like that tend to create a fervent following. Today our Macro Ops team will cut through the crypto zealotry to see whats actually going on in the blockchain market. Well briefly talk about what Bitcoin is, where it came from, and how the market is likely to evolve going forward. The Beginning How Bitcoin Was Born The Bitcoin origin story is a fascinating one. It was first developed in 2009 by a group of computer programmers. They built it according to a cryptographic architecture created by a pseudonymous author who goes by the name of Satoshi Nakamoto. The public still doesnt know who Satoshi is. Its believed that he actually might be a group of people and not an individual. Either way, he (they?) are the largest holders of bitcoin after mining it in the early days. They possess more than 1 million of the coins. This puts Satoshi at 247 on the Forbes wealthy list. Fun fact: Theres a conspiracy which is probably true that the NSA uncovered who the actual Satoshi is. When bitcoin was created, the US intelligence community became concerned that it was the product of a rival state like Russia or North Korea. The government was worried it could be weaponized someday against the US, perhaps by upsetting the dollar as the worlds reserve currency. So the theory goes that the NSA used stylometry, which is the study of written language, in conjunction with their billions upon billions of data points to compare things written by Satoshi to things written by everybody else throughout the world. And the word is they got a match. Anyways, heres how the original Satoshi Nakamoto white paper starts (you can read the whole paper here): Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make nonreversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. The problem being solved here is a very important one in computer science. Its called the Byzantine Generals Problem or BGP. Heres how BGP is explained: [Imagine] a group of generals of the Byzantine army camped with their troops around an enemy city. Communicating only by messenger, the generals must agree upon a common battle plan. However, one or more of them may be traitors, who will try to confuse the others. The problem is to find an algorithm to ensure that the loyal generals will reach agreement. Silicon Valley VC Marc Andreessen explains the importance of this here: More generally, the B.G.P. poses the question of how to establish trust between otherwise unrelated parties over an untrusted network like the Internet. The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate. Bitcoin is a digital bearer instrument. It is a way to exchange money or assets between parties with no pre-existing trust: A string of numbers is sent over email or text message in the simplest case. The sender doesnt need to know or trust the receiver or vice versa. Related, there are no chargebacks this is the part that is literally like cash if you have the money or the asset, you can pay with it; if you dont, you cant. This is brand new. This has never existed in digital form before. Marc Andreessen is a smart guy. He, along with many other tech geeks, are excited about what the mysterious Satoshi created. We should make a quick and important distinction here. Theres a difference between bitcoin and Bitcoin. Bitcoin, with a capital B, refers to the cryptographic protocol of the network, otherwise known as the blockchain. Blockchain is the digital ledger that uses the cryptographic protocol proposed by Satoshi to solve the Byzantine Generals Problem basically, the tech to help with our internet trust issues. While bitcoin, small b, refers to bitcoin the currency. This is the token thats connected to the Bitcoins blockchain network and which bitcoiners transact in. Its also often used as a blanket term for cryptocurrencies in general. There are now over 1,000 different cryptocurrencies that are similar, yet different, to bitcoin with a small b. This list is growing every day. Summary: Bitcoin was developed from a cryptographic proof that was written by a pseudonymous person or persons who go by the name Satoshi Nakamoto. It was developed to solve the Byzantine Generals Problem of how to establish trust over an untrusted network like the internet, where transacting parties dont know who theyre transacting with. Bitcoin does this through the creation of a digital ledger (the Blockchain) where two parties can exchange a digital asset in a safe and secured way to the extent that nobody can challenge the validity of the transfer. Bitcoins have gone up A LOT since they were created 8 years ago. The Blockchain: A Revolutionary Technology I suggest you spend five minutes and watch this quick YouTube video explaining Bitcoin (link here). Heres a quick description of Blockchain via Joseph Pham from Quora. If you understand the concept of a blockchain, you will have heard people (especially in enterprise) talk about distributed ledger. It describes a technology that uses a write once, read only database system that is bound by cryptographic verification, and bound through a series of blocks (batches of data / datasets) that are subsequently verified into a chain sequence of linked batches over time. This characteristic is what gives the technology the name blockchain. Systems that spread / make copies of these blockchains available across a network are often referred to as distributed ledgers. You can make a blockchain without distributing it, but it might not be as practical and useful for the real world applications you might consider with blockchains. Bitcoin is just one configuration of blockchain technology, which integrates certain blockchain technology with innovative monetary incentives, social economics and cryptography. The innovative monetary incentive is to have a self verifying money supply the bitcoins which are basically entries in the ledger, that are determined mathematically, through solving a complex cryptographic puzzle (hashing), that must reach consensus (peer validation) and encodes a specific reward schedule (approximately every 10 minutes) and total supply of bitcoins (21 million). A bitcoin is basically just a token value on a ledger (like in game gold and coin values in video games), that are created based on a set of system rules. There are a lot of Bitcoin based and bitcoin derived blockchain applications (using the Bitcoin open source data repository). These are usually referred to as Cryptocurrencies, as Bitcoin was designed to operate as an e-currency system. I hope Im not losing you. Stay with me, well get through this tech talk soon enough. Just to sum up, a blockchain is a digital ledger that encodes every transaction on its system forever. It uses cryptography to ensure the validity of these ledger entries. Its basically a one-way street where once entries are encoded, its nearly impossible to hack or alter them. Ive heard the analogy used that each block of transactions in the chain is like a mosquito encased in amber Jurassic Park style and every time crypto miners authenticate a transaction and approve the entire blockchain, the amber gets thicker and thicker around the transaction. Meaning, the longer it lives on the blockchain, the more permanent it becomes; and more difficult (or impossible) to alter. The blockchain can be distributed or not. In Bitcoins case, and many of the other cryptocurrencies, this digital ledger is distributed across the world. The benefit of this is that no one entity has power over the network and the data is extremely safe and robust since its copied all across the globe. Many servers can be wiped out but the data (the Blockchain) will survive. The bitcoins, or the crypto tokens, are used as an incentive system for miners on the network. These digital miners use lots of computing power to solve the cryptographic puzzles (called hashing) thats needed to encode the bitcoin transactions and maintain the integrity of the blockchain. The network works off a consensus. Once a majority of the miners agree on the answer to a hash, the attached transaction then gets recorded to the blockchain forever. The Brookings Institute calls the blockchain a foundational technology, like TCP/IP, which enables the internet. And much like the internet in the late 1990s, we dont know exactly how the Blockchain will evolve, but evolve it will. That seems to be the broad consensus amongst technologists regarding blockchains potential its revolutionary and will have as sizable impact as the internet itself. But nobody is quite sure exactly how, yet. The reason is partly because the use cases for blockchain appear to be nearly limitless. Heres an excerpt from a report by BofA on the subject. To be frank, its difficult for us to think of a large industry where there is no applicability of a blockchain, given the technologys ability to reduce data storage costs and prevent tampering. After all, blockchain at its core is just a way to store and access data. Startups, trials and proof-of-concepts are abundant in a myriad of industries. Blockchain technology could make tracking and managing digital identities more secure and efficient. A distributed ledger could aid online voting, cutting down on voter fraud. In financial services, the technology could ease payments and transfers; smart contracts could improve trade settlements. Smart contracts on the blockchain are being used to shake up prediction markets. In the music industry, the blockchain can be used to solve licensing issues: Artists, including English singer-songwriter Imogen Heap, have released music directly to fans via blockchain platforms. Companies ranging from Walmart to Maersk are now using the tech to better track and manage their supply chains. A number of banks and brokerages like BNY Mellon are using it to record transactions. Its a safe assumption to say that blockchain is revolutionary and is here to stay. But like the internet in the early 90s, we dont know exactly how it will revolutionize things. And again, like the internet, it will probably take a decade or two at least for the tech to mature and dramatically add value. Now that weve got that out of the way, what about the value in cryptocurrencies. Is there any? What are they worth? Is it a bubble or is this just the beginnings of the largest bull market in history? Summary: Blockchains are the cryptographic technology underlying cryptocurrencies. Theres a broad consensus that this technology is revolutionary and will have far and wide-ranging impacts on many areas of the economy; similar to the internet. But like the internet in the 90s its still early days for this technology and nobody is quite sure how it will evolve. The video below explains more about blockchains potential: Valuing Cryptos: Zeros Or Heros? To value something we have to first define what it is and what it isnt. And in the case of cryptocurrencies, this is not exactly easy. Lets start with the obvious. Bitcoins, ethereum, Litecoins, and the hundreds of other crypto tokens are typically thought of as currencies, as their names imply. But what makes a currency? And do these crypto tokens check the mark? A currency is measured by how well it functions as two things: Medium of Exchange: Currencies exist to make transactional commerce possible. This means that the currency needs to be accessible, transportable, and fungible in that its accepted by large amounts of buyers and sellers as legal tender. Store of Value: Currencies have to act as a reasonable store of value. Meaning, buyers and sellers need to feel comfortable keeping a certain amount of their wealth in it, knowing it will retain its purchasing power. Lets start with cryptos as a medium of exchange. Were going to focus on bitcoin, since with a market cap of $100B, its the most popular of all the cryptocurrencies. Heres NYU Professor Aswath Damodaran on bitcoin as a medium of exchange: The weakest link in crypto currencies has been their failure to make deeper inroads as mediums of exchange or as stores of value. Using Bitcoin, to illustrate, it is disappointing that so few retailers still accept it as payment for goods and services. Even the much hyped successes, such as Overstock and Microsoft accepting Bitcoin is illusory, since they do so on limited items, and only with an intermediary who converts the bitcoin into US dollars for them. I certainly would not embark on a long or short trip away from home today, with just bitcoins in my pocket, nor would I be willing to convert all of my liquid savings into bitcoin or any other cryptocurrency. Would you? There are a number of reasons why bitcoin has failed to make large inroads as a medium of exchange. One reason is that as the tech stands now, its a costly and timely transaction process compared to the available alternatives. Heres BofA again: The problem with bitcoin as a peer to peer payment system is that its expensive, relative to conventional alternatives. This comes from the mining process. Mining isnt a zero sum game. The economics of mining are pretty simple. There is a fixed reward per block mined. At present, each block generates 12.5BTC. So, each block mined produces in Dollars around 12.5*bitcoin/dollar rate. At present, this is around $60k per block. This is a function of the bitcoin price. There are roughly 2000 transactions in a block, give or take. This implies that around $30 of bitcoin are created per transaction at present. Economically, we would regard this as a cost of the transaction, although this is not how people always view it. Miners need to be paid because the cost of mining (of applying CPU to blockchain hashing) is becoming prohibitively expensive. It requires enormous and increasing amounts of energy. The chart below demonstrates such: The electricity being used to mine bitcoin is now equivalent to the amount it would take to power over 1 million US homes! Or to put it another way, the total energy consumption of the worlds bitcoin mining activities is more than 40 times that required to power the entire Visa network. The annual energy consumption is equivalent to 13,239,916 barrels of oil! Not only are the costs of transacting and running the network absurd, but the speed at which transactions are processed are extremely slow. BofA lays out the problem: To illustrate, Visas payment system processes 2,000 transactions per second, on average, and can handle up to 56,000 per second, if needed. Assuming similar transaction handling capabilities at other large payment schemes such MasterCard, UnionPay, AliPay etc, total digital payment transaction volume in the retail space can be an order of magnitude higher than the aforementioned 2,000 transactions per second. Assuming 20,000 retail transactions are processed every second, it would take about 100 minutes for one seconds worth of transactions to be recorded on the bitcoin blockchain. Lastly, due to the astronomical rise of bitcoin and other cryptos over the last few years, the tokens have drawn quite a bit of attention. This has created a speculative fever where the tokens are not being bought for their value, or as a means to transact, but rather as a gambling vehicle used to bet on further price gains. Its a momentum driven market where everybodys chasing returns. And that creates an issue because people dont want to be like Laszlo Hanyecz and spend their bitcoins on a stupid Hawaiian pizza when those bitcoins could be worth many multiples of what they are today. This creates a conundrum for cryptos. As Aswath Damodaran puts it, It remains an unpleasant reality that what makes crypto currencies so attractive to traders (the wild swings in price, the unpredictability, the excitement) make them unacceptable to transactors. So bitcoin fails (currently) to meet the requirements of a proper medium of exchange. What about store of value? Are cryptos a fiat currency similar to the US dollar, as many crypto fans proclaim? Heres economist Brad deLongs take: Underpinning the value of gold is that if all else fails you can use it to make pretty things. Underpinning the value of the dollar is a combination of (a) the fact that you can use them to pay your taxes to the U.S. government, and (b) that the Federal Reserve is a potential dollar sink and has promised to buy them back and extinguish them if their real value starts to sink at (much) more than 2% / year (yes, I know). Placing a ceiling on the value of gold is mining technology, and the prospect that if its price gets out of whack for long on the upside a great deal more of it will be created. Placing a ceiling on the value of the dollar is the Federal Reserves role as actual dollar source, and its commitment not to allow deflation to happen. Placing a ceiling on the value of bitcoins is computer technology and the form of the hash function until the limit of 21 million bitcoins is reached. Placing a floor on the value of bitcoins is what, exactly? Bitcoins lack the essential qualities to make it a viable medium of exchange and store of value. Hence they cant and shouldnt be thought of as currencies or valued as such. The things that make bitcoin a libertarians wet dream such as its decentralized nature and the fact that no one has control over the system, also means that it doesnt have any true intrinsic value. Its value is based completely off of peoples beliefs and more importantly, peoples beliefs about other peoples beliefs. Crypto fans call this the network effect which is a term used to describe companies whose values increase the more people use their products, like Facebook. But this is a limp comparison. Network effects when applied to tech companies are important because they lead to greater earnings power and value creation the more people use a social network, the more others want to join, and the more advertisers will pay for access to the network and so on. Real network effects actually create more value for the owners of the company and users of the product. Bitcoin doesnt sell anything and doesnt produce any cash flows. Its a non-currency that doesnt quite work as a medium of exchange or a store of value. Its value is based purely off the beliefs of those who buy it. And this belief is that bitcoin is valuable because other people think its valuable. If I buy it now, Ill be able to profit at a later date by selling to somebody else. In trading parlance, this is called Greater Fool Theory or GFT. Wikipedia explains GFT as: The price of an object is not determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants. A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price. In other words, one may pay a price that seems foolishly high because one may rationally have the expectation that the item can be resold to a greater fool later. The Oracle of Omaha, Warren Buffett, agrees. He calls bitcoin a bubble, stating You cant value bitcoin because its not a value-producing asset. But people get excited from big price movements, and Wall Street accommodates making bitcoin a real bubble in that sort of thing. Maybe bitcoin should then be thought of as equity in a pre-revenue biotech startup. A startup with no leadership (its decentralized), no product yet of intrinsic value, and a growing number of nearly identical competitors entering the market every single day. But the shares of the 1,000+ various cryptocurrencies have a total market cap of $176B and growing. New shares are being issued every single day. Many, some, or maybe none, will eventually create intrinsic value somehow but nobody knows exactly how quite yet. A better comparison of how to think about bitcoins value might be trading cards (think Magic or Pokemon) or in-game artifacts like a flaming sword in World of Warcraft (I dont know if the flaming sword is a thing but lets pretend it is). Unlike a pre-revenue startup that may produce actual value someday, trading cards and in-game artifacts only have value because they have devoted fans and theres a false scarcity of these objects injected by their makers. Neither of these have intrinsic value of any sort, but they have a price that fluctuates according to their popularity. So yeah, thats a better comparison. Bitcoins are like a $6,000 Pikachu card. Do you want to buy some bitcoin now? Summary: Bitcoin is neither a good medium of exchange or a good store of value, making it a terrible currency Bitcoin is valued purely through its popularity and Greater Fool Theory making it more similar to a Pokemon card than a real currency Heres a quick video explaining how difficult it is to value Bitcoin: My Take On Investing In Bitcoin As a long-term investor, I wouldnt touch any of these with a ten foot pole even if my arch nemesis you know who you are was holding. Its a total crapshoot and gamble. This market is purely speculative at this point. But since I am speculator, would I trade it? Hell yeah, why not? Traders love this type of positive volatility. And bitcoins have all the right ingredients to drive this trend even higher. Its really the perfect asset for creating a frenzied mania along the likes of the Tulip and South Sea bubbles. These ingredients are: Its impossible to value: Anybody who tries is lying to you and themselves. And this is great, because when something has no intrinsic value, it can be either zero or infinity or somewhere in between since theres absolutely nothing reliable to gauge it off of. Greater Fool Theory: Its value relies entirely on what the other fool is willing to pay for it. Thats it and thats the only thing you need to analyze in this market when making buy and sell decisions. Its a compelling and complex story and humans love stories: One of the best things that bitcoin has going for it is that nobody really understands the tech and what its actual use cases will end up being. Its anti-government/anti-establishment attributes make it a perfect tech for the times: Populism is rampant as well as distrust in institutions around the globe. The idea of a speculative instrument outside of institutional control has the perfect appeal. Its a global market: Anybody anywhere can play bitcoin (though in some countries its harder than others). This means theres a huge pool of potential fools who still havent bought in. And to top it all off, were in the perfect macro environment for a huge speculative bubble. Were coming off a period of horribly negative global sentiment stemming from the Great Financial Crisis. And long periods of negative sentiment are typically followed by the opposite. Central banks have kept the world flush with easy money by keeping interest rates low and printing billions in new money. In macro terms, we say that global liquidity is flush. And this creates the perfect environment for asset bubbles. This was perfectly described by 18th century editor of The Economist Walter Bagehot when he said: One thing is certain, that at particular times a great deal of stupid people have a great deal of stupid money At intervals, the money of these people the blind capital, as we call it, of a country, is particularly large and craving; it seeks for someone to devour it, and there is a plethora; it finds someone, and there is speculation; it is devoured, and there is panic. This is why were seeing celebrities like Paris Hilton and Floyd Mayweather advertising their own initial coin offerings (ICOs are alternate coins that typically get split off the ethereum blockchain and become their own separate currency). Since anybody can fork off a blockchain network (its all open source), everybody can create their own crypto token. And they are. And people, lots of people, are buying them Blockchain startups have raised a disclosed $1.85B in just the first half of this year. This is leading to some outrageous scams that are often unwittingly being promoted by these said celebrities. Take the example of Centra. Centra was a recent initial coin offering that raised $30 million and was promoted by Mayweather and rapper DJ Khaled. Centra made big promises of partnering with Visa and creating the first debit/credit card for the crypto market, amongst other grand visions. The problem is that these were just empty words. It was found that the company hadnt even talked to any of the major credit card companies, employed no computer programmers, that the founders previously ran a luxury rental car service in Miami of all places, and their listed CEO was a fictional (as in completely made up) person. The founders of Centra now have $30 million of investors money. Of which, they can choose to do anything they want like buy a bunch of Maseratis or life-sized cheese molds of themselves, and investors be damned. An investor in the Centra ICO posted on Reddit defending the company and its crypto tokens saying Whats important is that Centra is being endorsed and they have a product. Thats what matters to investors. This is the type of highbrow investor who is now driving prices higher in the crypto market. Again, the vast majority of the players in this market dont care about trivial things like made up CEOs and not having a real business model. They just want a higher price to sell into, a greater fool than them. Centra is not an isolated incident. This is happening more and more. I find this extremely fascinating from a behavioral investing standpoint. Were witnessing what may well become one of the largest speculative bubbles in history. And people are becoming full-on punch drinking devotees. The more this zealotry spreads, the more crypto prices will rise, which will reinforce their beliefs and bring in ever more greater fools! To play this kind of speculative bubble one needs to work off the technicals which are very good in bitcoin where pure emotion/sentiment dominates price action and keep a close eye on the liquidity. Liquidity, which is the availability of money and demand in the global system, always precedes market moves. A tightening of liquidity means a tightening of credit conditions. This leads to lower future demand and is a sign that investors are discounting greater risks in the market. When global liquidity starts to drain (the black line moves higher on the chart below), rising volatility (orange line) typically follows. And when market volatility rises, investors begin to reprice risk. The repricing of risk leads to lower demand and hence fewer fools to sell risky assets to. Fewer fools means less buyers and less buyers in a momo market leads to more sellers. This creates the scenario where you have a bunch of freaked crypto zealots all clambering for a shrinking exit at the exact same time. This is when a boom leads to bust. And the warning signs will show on the various liquidity indicators beforehand. (Note:If you want to learn how to track liquidity to get ahead of the bitcoin crash, then check out this guide right now.) The chart below is from Peter Brandt. It shows bitcoin forming a classic parabola. This is a common technical pattern in a speculative bubble. We should continue to see the channel narrow and compress as the dips get bought more quickly and prices rise. When the price hits the top of the parabolic channel we should expect a retrace of at least 50%. The current price target is $6,800, not far from where bitcoin is currently trading. Buyers should beware once they see liquidity begin to tighten at the same time bitcoin is trading near the upper range of its channel. That will be a setup for a large pullback. This setup is aligning perfectly with the launch of bitcoin futures by the CME. This is a huge deal for the bitcoin trading community because it opens the floodgates to institutions and other participants who can only trade on regulated exchanges. It also allows guys like us to easily short bitcoin when the eventual bubble pops! You can read more about the brand new CME bitcoin futures by clicking here. Conclusion: The Blockchain is groundbreaking technology that, like the internet in the early 90s, will transform industries is ways none of us can fathom. Bitcoins have no intrinsic value and its unclear how they develop any. Their worth is based purely off having a greater fool to sell to. The market is dominated by punch drunk speculators. Bitcoins and other crypto tokens dont meet the requirements of a currency and are closer to trading cards or in-game virtual objects that only have market prices due to a devoted fan base and false scarcity. Bitcoin is the perfect asset for a speculative bubble: it has no intrinsic value so it cant be objectively assessed, it has a complex and compelling story, its global, and its the perfect anti-establishment tech for the times. Because of this, bitcoin probably still has a ways to rise. Bitcoins should not be bought as a long-term investment but instead traded on a purely technical basis. Liquidity and technicals are the only forms of useful analysis to use on the crypto market simply because they help identify regimes where theres likely to be increasing or decreasing Fools to sell into. As for the future of the crypto and blockchain market in general, I think Matt Levine of Bloomberg has the best take. Here it is: Look, I know I sound like a cryptocurrency/blockchain skeptic. I guess I am one, fine. But Walmarts mangoes are being tracked throughout the supply chain in an auditable distributed database that makes them much easier to follow than previous methods did. A syndicated-loan blockchain probably will work better than the current system of transferring syndicated loans by, like, faxing signature pages. Tokenization of some transactions or ownership interests will probably turn out to be useful, and might change how the markets for digital advertising or cloud storage or housing or whatever work. But the way I like to think about it is that cryptocurrency might be to the 21st century what stock was to the 17th century: an administrative change in the bookkeeping for ownership of certain assets that over time completely transformed the economy and the world, with a power that the early innovators could hardly have dreamed of. But also, the first like 300 years of the history of stocks were filled with hucksters and hype and bubbles and disaster. Cryptocurrencies and blockchain really could be revolutionary technologies that will ultimately pervade every aspect of the economy, even while almost every individual project could be nonsense. The above was an excerpt from our Macro Intelligence Report (MIR). If youd like to learn more about the MIR, click here. Alex BarrowCo-Founder of Macro Ops, Global Macro Fanatic, Former U.S. Marine Scout Sniper & Intelligence Professional