The U.S. Government Tried To Shut Down Bitcoin

Bitcoin 11 Years - Achievements, Lies, and Bullshit Claims So Far - Tooootally NOT a SCAM !!!!

That's right folks, it's that time again for the annual review of how Bitcoin is going: all of those claims, predictions, promises .... how many have turned out to be true, and how many are completely bogus ???
Please post / link this on Bitcoin (I am banned there for speaking the truth, so I cannot do it) ... because it'a way past time those poor clueless mushrooms were exposed to the truth.
Anyway, without further ado, I give you the Bitcoin's Achievements, Lies, and Bullshit Claims So Far ...
Bitcoin Achievements so far:
  1. It has spawned a cesspool of scams (2000+ shit coin scams, plus 100's of other scams, frauds, cons).
  2. Many 1,000's of hacks, thefts, losses.
  3. Illegal Use Cases: illegal drugs, illegal weapons, tax fraud, money laundering, sex trafficking, child pornography, hit men / murder-for-hire, ransomware, blackmail, extortion, and various other kinds of fraud and illicit activity.
  4. Legal Use Cases: Steam Games, Reddit, Expedia, Stripe, Starbucks, 1000's of merchants, cryptocurrency conferences, Ummm ????? The few merchants who "accept Bitcoin" immediately convert it into FIAT after the sale, or require you to sell your coins to BitPay or Coinbase for real money, and will then take that money. Some of the few who actually accept bitcoin haven't seen a customer who needed to pay with bitcoin for the last six months, and their cashiers no longer know how to handle that.
  5. Contributing significantly to Global Warming.
  6. Wastes vasts amounts of electricity on useless, do nothing work.
  7. Exponentially raises electricity prices when big miners move into regions where electricity was cheap.
  8. It’s the first "currency" that is not self-sustainable. It operates at a net loss, and requires continuous outside capital to replace the capital removed by miners to pay their costs. It’s literally a "black hole currency."
  9. It created a new way for people living too far from Vegas to gamble all their life savings away.
  10. Spawned "blockchain technology", a powerful technique that lets incompetent programmers who know almost nothing about databases, finance, programming, or blockchain scam millions out of gullible VC investors, banks, and governments.
  11. Increased China's foreign trade balance by a couple billion dollars per year.
  12. Helped the FBI and other law enforcement agents easily track down hundreds of drug traffickers and drug users.
  13. Wasted thousands if not millions of man-hours of government employees and legislators, in mostly fruitless attempts to understand, legitimize, and regulate the "phenomenon", and to investigate and prosecute its scams.
  14. Rekindled the hopes of anarcho-capitalists and libertarians for a global economic collapse, that would finally bring forth their Mad Max "utopia".
  15. Added another character to Unicode (no, no, not the "poo" 💩 character ... that was my first guess as well 🤣)
  16. Provides an easy way for malware and ransomware criminals to ply their trade and extort hospitals, schools, local councils, businesses, utilities, as well as the general population.
Correct Predictions:
  1. 2015-12: "1,000 dollar in 2015", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, (Technically, this prediction is WRONG because the highest price reached in 2015 was $495.56 according to CMC. Yes, Bitcoin reached $1,000 in 2013 and 2014, but that's NOT what the prediction says).
  2. 2017-12: "10,000 in 2017", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013,
  3. 2018-04: $10,000 (by April 2018), Mike Novogratz, link #1:, link #2:
  4. 2018-12: $10,000 (by 2018), Tim Draper, link #1:, link #2:
  5. Any others ? (Please tell me).
Bitcoin Promises / Claims / Price Predictions that turned out to be lies and bullshit:
  7. SAFE
  10. NOT A SCAM
  15. Be your own bank
  16. Regulation-proof
  19. Instantaneous transactions
  20. Fast transactions
  21. Zero / No transaction fees
  22. Low transaction fees
  23. A store of value
  24. A deflationary digital asset
  25. "A deflationary digital asset that no single human being can destroy."
  26. "an asset that is equally as dual use as a car, water, or any other traditional element that has existed."
  27. "Digital gold"
  28. Easy to use
  29. Cannot be stolen
  30. Cannot be hacked
  31. Can be mined by anyone
  32. Can be mined by anyone, even with an old computer or laptop
  33. Cannot be centralized
  34. Will return power back to the people.
  35. Not a Ponzi scam
  36. Not a Pyramid scam
  37. Never pay tax again
  38. Your gains cannot be taxed
  39. A currency
  40. An amazing new class of asset
  41. An asset
  42. A means to economic freedom
  43. A store of value
  44. The best investment the word has ever seen
  45. A great investment
  46. Efficient
  47. Scalable
  48. Stable
  49. Resilient
  50. Reliable
  51. Low energy
  52. Low risk
  53. Redistribute wealth to everybody
  54. No more have's and have not's
  55. No more US and THEM
  56. No more disadvantaged people
  57. No more RICH and POOR
  58. No more poor people
  59. Uses amazing new technology
  60. Uses ingenious new technology
  61. Satishi Nakamoto invented ...
  62. Segwit will solve all of Bitcoin's woes
  63. Lightning Network will solve all of Bitcoin's woes
  64. Limited by scarcity
  65. Can only go up in value
  66. Price cannot crash
  67. Has intrinsic value
  68. Value will always be worth more than cost to mine
  69. Adoption by investors is increasing exponentially
  70. Adoption by investors is increasing
  71. Adoption by merchants is increasing exponentially
  72. Adoption by merchants is increasing
  73. You are secure if you keep your coins on an exchange
  74. You are secure if you keep your coins in a hardware wallet
  75. You are secure if you keep your coins in an air-gapped Linux PC
  76. Will change the world
  77. "the next phase in human evolution"
  78. "Blockchain is more encompassing than the internet"
  79. Blockchain can solve previously unsolvable problems.
  80. "The only regulation we need is the blockchain"
  81. "Bank the unbanked"
  82. "To abolish financial slavery and the state's toxic monopoly on money."
  83. "To have better tools in the fight against the state violence and taxation."
  84. "To stamp information on a blockchain forever so we can bypass state censorship, copyrights, patents(informational monopolies) etc."
  85. Will destroy / overthrow FIAT
  86. Will destroy / overthrow the world's governments
  87. Will destroy / overthrow the banking system
  88. Will destroy / overthrow the world economies
  89. Will free people from tyranny
  90. Will give people financial freedom
  91. Will bring world peace
  92. Never going below $19K again
  93. Never going below $18K again
  94. Never going below $17K again
  95. Never going below $16K again
  96. Never going below $15K again
  97. Never going below $14K again
  98. Never going below $13K again
  99. Never going below $12K again
  100. Never going below $11K again
  101. Never going below $10K again
  102. Never going below $9K again
  103. Never going below $8K again
  104. Never going below $7K again
  105. Never going below $6K again
  106. Never going below $5K again
  107. Never going below $4K again
  108. Is NOT a Scam
  109. Hashing Power secures the Bitcoin network
  110. Untraceable, private transactions
  111. Guaranteed privacy
  112. Not created out of thin air
  113. Not created out of thin air by unregulated, unbacked entities
  114. Totally NOT a scam
  115. Is not used primarily by crimonals, drug dealers, or money launderers.
  116. 100% secure
  117. 2010 will be the "Year of Crypto"
  118. 2011 will be the "Year of Crypto"
  119. 2012 will be the "Year of Crypto"
  120. 2013 will be the "Year of Crypto"
  121. 2014 will be the "Year of Crypto"
  122. 2015 will be the "Year of Crypto"
  123. 2016 will be the "Year of Crypto"
  124. 2017 will be the "Year of Crypto"
  125. 2018 will be the "Year of Crypto"
  126. 2019 will be the "Year of Crypto"
  127. 2010: MASS ADOPTION any day now"
  128. 2011: MASS ADOPTION aany day now"
  129. 2012: MASS ADOPTION aaany day now"
  130. 2013: MASS ADOPTION aaaany day now"
  131. 2014: MASS ADOPTION aaaaany day now"
  132. 2015: MASS ADOPTION aaaaaany day now"
  133. 2016: MASS ADOPTION aaaaaaany day now"
  134. 2017: MASS ADOPTION aaaaaaaany day now"
  135. 2018: MASS ADOPTION aaaaaaaaany day now"
  136. 2019: MASS ADOPTION aaaaaaaaany day now"
  137. "Financial Freedom, bro."
  138. no single entity, government or individual, can alter or reverse its transactions
  139. insurance against the tyranny of state
  140. Bitcoin has come to destroy all governments and bring about the libertarian utopia of my dreams.
  141. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 2+ years.
  142. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 5+ years.
  143. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 7+ years.
  144. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 9+ years.
  145. 1,000's of predictions of skyrocketing and/or never falling prices
  146. Escape the petty rivalries of warring powers and nation states by scattering control among the many. The Bitcoin Cash debacle proves that even the most cryptographically secure plans of mice and men often go awry. Ref:
  147. People will NEVER be able to welch out of bets or deals again. Nov-2018, Ref:
  148. "Everything will be better, faster, and cheaper.", Brock Pierce, shill video.
  149. "Everything will be more connected.", Brock Pierce, shill video.
  150. "Everything will be more trustworthy.", Brock Pierce, shill video.
  151. "Everything will be more secure.", Brock Pierce, shill video.
  152. "Everything that exists is no-longer going to exist in the way that it does today.", Brock Pierce, shill video.
  153. "Everything in this world is about to get better.", Brock Pierce, shill video.
  154. You are a slave to the bankers
  155. The bankers print money and then you pay for it
  156. Bitcoin is The Peoples Money
  157. Bitcoin will set you free
  158. Bitcoin will set you free from the slavery of the banks and the government Ref:
  159. ~~Bitcoin is "striking fear into the hearts of bankers, precisely because Bitcoin eliminates the need for banks. ~~, Mark Yusko, billionaire investor and Founder of Morgan Creek Capital,
  160. "When transactions are verified on a Blockchain, banks become obsolete.", Mark Yusko, billionaire investor and Founder of Morgan Creek Capital,
  161. SnapshillBot quotes from delusional morons:
  162. "A bitcoin miner in every device and in every hand."
  163. "All the indicators are pointing to a huge year and bigger than anything we have seen before."
  164. "Bitcoin is communism and democracy working hand in hand."
  165. "Bitcoin is freedom, and we will soon be free."
  166. "Bitcoin isn't calculated risk, you're right. It's downright and painfully obvious that it will consume global finance."
  167. "Bitcoin most disruptive technology of last 500 years"
  168. "Bitcoin: So easy, your grandma can use it!"
  169. "Creating a 4th Branch of Government - Bitcoin"
  170. "Future generations will cry laughing reading all the negativity and insanity vomited by these permabears."
  171. "Future us will thank us."
  172. "Give Bitcoin two years"
  173. "HODLING is more like being a dutiful guardian of the most powerful economic force this planet has ever seen and getting to have a say about how that force is unleashed."
  174. "Cut out the middleman"
  175. "full control of your own assets"
  176. "reduction in wealth gap"
  177. "no inflation"
  178. "cannot print money out of thin air"
  179. "Why that matters? Because blockchain not only cheaper for them, it'll be cheaper for you and everyone as well."
  180. "If you are in this to get rich in Fiat then no. But if you are in this to protect your wealth once the current monetary system collapse then you are protected and you'll be the new rich."
  181. "Theres the 1% and then theres the 99%. You want to be with the rest thats fine. Being different and brave is far more rewarding. No matter your background or education."
  182. "NO COINERS will believe anything they are fed by fake news and paid media."
  183. "I know that feeling (like people looking at you as in seeing a celebrity and then asking things they don't believe until their impressed)."
  184. "I literally walk round everyday looking at other people wondering why they even bother to live if they don't have Bitcoin in their lives."
  185. "I think bitcoin may very well be the best form of money we’ve ever seen in the history of civilization."
  186. "I think Bitcoin will do for mankind what the sun did for life on earth."
  187. "I think the constant scams and illegal activities only show the viability of bitcoin."
  188. "I think we're sitting on the verge of exponential interest in the currency."
  189. "I'm not using hyperbole when I say Satoshi found the elusive key to World Peace."
  190. "If Jesus ever comes back you know he's gonna be using Bitcoin"
  191. "If this idea was implemented with The Blockchain™, it would be completely flawless! Flawless I tell you!"
  192. "If you're the minimum wage guy type, now is a great time to skip food and go full ramadan in order to buy bitcoin instead."
  193. "In a world slipping more and more into chaos and uncertainty, Bitcoin seems to me like the last solid rock defeating all the attacks."
  194. "In this moment, I am euphoric. Not because of any filthy statist's blessing, but because I am enlightened by own intelligence."
  195. "Is Bitcoin at this point, with all the potential that opens up, the most undervalued asset ever?"
  196. "It won't be long until bitcoin is an everyday household term."
  197. "It's the USD that is volatile. Bitcoin is the real neutral currency."
  198. "Just like the early Internet!"
  199. "Just like the Trojan Horse of old, Bitcoin will reveal its full power and nature"
  200. "Ladies if your man doesnt have some bitcoin then he cant handle anything and has no danger sex appeal. He isnt edgy"
  201. "let me be the first to say if you dont have bitcoin you are a pussy and cant really purchase anything worldwide. You have no global reach"
  202. "My conclusion is that I see this a a very good thing for bitcoin and for users"
  203. "No one would do such a thing; it'd be against their self interests."
  204. "Ooh lala, good job on bashing Bitcoin. How to disrespect a great innovation."
  205. "Realistically I think Bitcoin will replace the dollar in the next 10-15 years."
  206. "Seperation of money and state -> states become obsolete -> world peace."
  207. "Some striking similarities between Bitcoin and God"
  208. "THANK YOU. Better for this child to be strangled in its crib as a true weapon for crypto-anarchists than for it to be wielded by toxic individuals who distort the technology and surrender it to government and corporate powers."
  209. "The Blockchain is more encompassing than the internet and is the next phase in human evolution. To avoid its significance is complete ignorance."
  210. "The bull run should begin any day now."
  211. "The free market doesn't permit fraud and theft."
  212. "The free market will clear away the bad actors."
  213. "The only regulation we need is the blockchain."
  214. "We are not your slaves! We are free bodies who will swallow you and puke you out in disgust. Welcome to liberty land or as that genius called it: Bitcoin."
  215. "We do not need the bankers for Satoshi is our saviour!"
  216. "We have never seen something so perfect"
  217. "We must bring freedom and crypto to the masses, to the common man who does not know how to fight for himself."
  218. "We verified that against the blockchain."
  219. "we will see a Rennaisnce over the next few decades, all thanks to Bitcoin."
  220. "Well, since 2006, there has been a infinite% increase in price, so..."
  221. "What doesn't kill cryptocurrency makes it stronger."
  222. "When Bitcoin awake in normally people (real people) ... you will have this result : No War. No Tax. No QE. No Bank."
  223. "When I see news that the price of bitcoin has tanked (and thus the market, more or less) I actually, for-real, have the gut reaction "oh that’s cool, I’ll be buying cheap this week". I never knew I could be so rational."
  224. "Where is your sense of adventure? Bitcoin is the future. Set aside your fears and leave easier at the doorstep."
  225. "Yes Bitcoin will cause the greatest redistribution of wealth this planet has ever seen. FACT from the future."
  226. "You are the true Bitcoin pioneers and with your help we have imprinted Bitcoin in the Canadian conscience."
  227. "You ever try LSD? Perhaps it would help you break free from the box of state-formed thinking you have limited yourself..."
  228. "Your phone or refrigerator might be on the blockchain one day."
  229. The banks can print money whenever they way, out of thin air, so why can't crypto do the same ???
  230. Central Banks can print money whenever they way, out of thin air, without any consequences or accounting, so why can't crypto do the same ???
  231. It's impossible to hide illegal, unsavory material on the blockchain
  232. It's impossible to hide child pornography on the blockchain
  233. Fungible
  234. All Bitccoins are the same, 100% identical, one Bitcoin cannot be distinguished from any other Bitcoin.
  235. The price of Bitcoin can only go up.
  236. "Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,
  237. Scarcity
  238. The price of Bitcoin can only go up because of scarcity / 21 million coin limit. (Bitcoin is open source, anyone can create thir own copy, and there are more than 2,000+ Bitcoin copies / clones out there already).
  239. immune to government regulation
  240. "a world-changing technology"
  241. "a long-term store of value, like gold or silver"
  242. "To Complex to Be Audited."
  243. "Old Auditing rules do not apply to Blockchain."
  244. "Old Auditing rules do not apply to Cryptocurrency."
  245. "Why Bitcoin has Value: SCARCITY.", PlanB, Coin Shill, 22-Mar-2019,
  246. "Bitcoin is the first scarce digital object the world has ever seen, it is scarce like silver & gold, and can be sent over the internet, radio, satellite etc.", PlanB, Coin Shill, 22-Mar-2019,
  247. "Surely this digital scarcity has value.", PlanB, Coin Shill, 22-Mar-2019,
  248. Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,
  249. "May 2018 will be the last time we ever see $bitcoin under $10,000", Charlie Shrem, bitcoin advocate and convicted felon, 11:31 AM 3-May-2018,
  250. "Last dip ever.", AngeloBTC, 14 Oct 2018,
  251. "Bitcoin May Have Just Experienced its Final Shakeout Before a Big Rally", Joseph Young, coin shill, October 15, 2018 22:30 CET,
  252. Bitcoin would be a buy if the price fell under $5,000., Mohamed El-Erian, chief economic advisor at Allianz, 29-Jun-2018,
  253. 2013-11-27: ""What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar [27-Nov-2013], services began to emerge for the "Bitcoin rich" to protect themselves as well as their wealth. It started with expensive safes, then began to include bodyguards, and today, "earlies" (our term for early adapters), as well as those rich whose wealth survived the "transition" live in isolated gated cities called Citadels, where most work is automated. Most such Citadels are born out of the fortification used to protect places where Bitcoin mining machines are located. The company known as ASICminer to you is known to me as a city where Mr. Friedman rules as a king.", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013,
  254. 2018-02: Bitcoin price to hit $27,000 by February 2018, Trace Mayer, host of the Bitcoin Knowledge Podcast, and self-proclaimed entrepreneur, investor, journalist, monetary scientist and ardent defender, Link #1:, Link #2:
  255. 2018-06: "Bitcoin will surpass $15,000 in June [2018]." John McAfee, May 25, 2018,
  256. 2018-07: Bitcoin will be $28,000 by mid-2018, Ronnie Moas, Wall Street analyst and founder of Standpoint Research,
  257. 2018-12: Bitcoin to reach a price of between 40,000 and 110,000 US dollars by the end of the 2017 bull run ... sometime before 2019, Masterluc, 26-May-2017, an anonymous "legendary" Bitcoin trader, Link #1:, Link #2:
  258. 2018-12: "There is no reason why we couldn’t see Bitcoin pushing $50,000 by December [2018]", Thomas Glucksmann, head of APAC business at Gatecoin, Link #1:
  259. 2018-12: Listen up you giggling cunts... who wants some? you want some?...huh? Do ya? Here's the deal you fuckin Nerds - Butts are gonna be at 30 grand or more by next Christmas [2018] - If they aren't I will publicly administer an electronic dick sucking to every shill on this site and disappear forever - Until then, no more bans or shadow bans - Do we have a deal? If Butts are over 50 grand me and Lammy get to be mods. Deal? Your ole pal - "Skully" u/10GDeathBoner, 3-Feb-2018
  260. 2018-12: 1 bitcoin = 1 Lambo. Remind me on Christmas eve [2018] u/10GDeathBoner, 3-Feb-2018,
  261. 2018-12: Been in BTC since 2014 and experienced many "deaths" of BTC... this too shall pass... $10k end of the year. [2018] u/Exxe2502, 30-Jun-2018
  262. 2018-12: "Yale Alumni prediction - 30 Grand by Christmas [2018] - and you my friend... you will be the one eating Mcafee's dick in 2020. :) -:", u/SirNakamoto, 15-Jun-2018,
  263. 2018-12: "Impossible For Bitcoin Not to Hit $10,000 by This Year (2018)", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 22-Sep-2018,
  264. 2018-12: "[Bitcoin] between $13,800 and $14,800 [by end of 2018]", Fundstrat's Tom Lee, 13-Dec-2018,
  265. 2018-12: "Bitcoin is going to be $15k-$20k by the end of the year (2018)", Didi Taihuttu, 1-Nov-2018,
  266. 2018-12: 2018 bitcoin price prediction reduced to $15,000 [was $25,000], Fundstrat's Tom Lee, 16-Nov-2018,
  267. 2018-12: "I want to be clear, bitcoin is going to $25,000 by year end (2018)", Fundstrat's Tom Lee, 5-Jul-2018,
  268. 2018-12: "Bitcoin could be at $40,000 by the end of 2018, it really easily could", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 21-Sep-2018,
  269. 2018-12: "Bitcoin will be priced around $50,000 by the end of the year (2018)", Bitcoin bull Arthur Hayes, co-founder and CEO of BitMEX, 29-Jun-2018,
  270. 2018-12: "Bitcoin could definitely see $50,000 in 2018", Jeet Singh, cryptocurrency portfolio manager, speaking in January 2018 at the World Economic Forum in Davos,
  271. 2018-12: "Bitcoin will hit $100,000 this year (2018)", Kay Van-Petersen, an analyst at Saxo Bank, 17-Jan-2018,
  272. 2018-12: "Bitcoin price to surpass the $100,000 mark by the end of 2018", Tone Vays, 21-Sep-2017,
  273. 2018-12: "Bitcoin’s Price Will Surpass the $100,000 Mark by the End of 2018", Anonymous ("author" obviously too embarrassed to put his name to such bullshit "articles"), Oct-2018,
  274. 2018-12: "Our [2018] year-end bitcoin target is $7700.", James Stefurak, Founder at Monarch Research. See article: "Experts Forecast Bitcoin will rise by 2019", REF:
  275. 2018-12: "... we’ll see the price rally reaching its all-time of high of around $20K before the end of 2018", Khaled Khorshid, Co-Founder at Treon ICO. See article: "Experts Forecast Bitcoin will rise by 2019", REF:
  276. 2018-12: Bitcoin will end 2018 at the price point of $50,000, Ran Neuner, host of CNBC’s show Cryptotrader and the 28th most influential Blockchain insider according to Richtopia,
  277. Plus a whole host of wrong 2019 predictions (could not be included here because of post character limit issues), so please see my earlier post from 4 days ago: Ummm, remember those "Expert" Bitcoin Price Predictions for 2019 ..... ohhhhh dear .....,
But it's NOT all bad news, some claims and promises are yet to be determined:
  1. Never going below $3K again
  2. Never going below $2K again
  3. Never going below $1K again
  4. Any others ? Please let me know.
submitted by Crypto_To_The_Core to Buttcoin [link] [comments]

Just Hit $300k NW! 26 Years Old. $82k Income. Here's My Story.

Hi guys. I've been a subscriber and lurker here for over 5 years and one of my favorite things to read are the "how you got to where you are" stories. I told myself that once I hit $300k, I'd tell the first ~5 years of my FIRE story. I hate lack of transparency and ambiguity, so I'll try to be as open as I can. I tried to include everything that I would want to know if I was reading someone else's post. Feel free to ask me any questions.
There is a TLDR at the bottom of this post. You probably want to read that first to see if you're interested before investing your time in conquering this wall of text.
Also, you can skip the wall of text below about my childhood/college/relationship stuff if you're just interested in the "numbers". I just wanted to include this background to provide context and credibility.
EDITS: 1) Added a little more explanation in the budget section about spendng $200/month on food for 2 people since that has been a recurring question. 2) Added a section on my post-FIRE aspirations since that was another question that people kept asking.
TLDR: Hit $300k net worth at age 26. Frugal, middle-class upbringing. Got a full scholarship to top in-state university. Worked 2-3 jobs every week while attending college to pay for living expenses and saved the rest. Got degree in business. Graduated with no debt and $60k saved up. Parents gave me $10k as a graduation gift. Made $55k/year at my first full-time job after college. 4 years later I currently make $82k at the same company. My monthly budget is ~$820/month. I have been dating my SO for 9 years, living with her for 4 years, and I'm getting married to her in a couple months. She's dead-set on the FIRE path as well. #blessed
submitted by aFinancialWreck to financialindependence [link] [comments]

Large Enterprise Adoption of Blockchain is happening, enabled by Quant Network’s Overledger

Large Enterprise Adoption of Blockchain is happening, enabled by Quant Network’s Overledger
This is Part Two in the mini-series looking at Quant Network. You can see Part One here as well as links to other articles at the bottom of this post.
Quant Network have achieved incredible levels of adoption since launching Overledger less than a year ago. Their growth strategy is to partner with multinational global organisations with huge amounts of employees to then host / implement / take Overledger to each of their own clients. So one Partnership, leads to exponentially more and is the fastest way to scale rather than trying to partner with each customer individually. This is how companies such as Oracle grew so fast and Microsoft with their Partner Network.
These are multinational global organisations with 100,000 + employees, this is the scale that we are working towards to take Overledger to the mass market. We can’t do it one by one in each country and sign them up but we can partner with someone that has 100 customers and they can take it to all their customers as well which helps with the adoption of our technology” — Gilbert Verdian
Let’s start with arguably the biggest partnership for any Blockchain company listed on Coinmarketcap, the leading Financial Network Provider in Europe, SIA.


  • Provide the leading Financial Network in Europe with more than 100 Tier 1 banks connected, 44 Trading venues (including the main international stock markets in Milan, Rome, London, Frankfurt and New York) and other financial institutions covering the entire trading process from pre-trading to post-trading
  • process 14 Billion institutional services transactions, 7.2 billion card transactions, 3 billion payments, 51.7 billion financial transactions and carried 1,204 terabytes of data on the network
  • SIA in partnership with Colt and SWIFT are the only two network providers awarded a 10 year tender commissioned by the European Central Bank for the provisioning of connectivity services allowing European central and commercial banks, central depositories, automated clearing houses and other payment service providers to connect directly to Eurosystem market infrastructures through a single access interface (Eurosystem Single Market Infrastructure Gateway — ESMIG).
  • SIA’s SIAchain is the leading blockchain architecture in Europe connecting 570 Banks, Central Banks, Trading Venues and other Financial Institutions using R3’s Corda, Permissioned variants of Ethereum and Hyperledger Fabric.
  • SIA have Integrated Overledger into the leading blockchain architecture in Europe SIAchain so that all of the 570 banks, Central Banks, Trading venues etc can benefit from Blockchain Interoperability.
“Since the European launch of our private infrastructure SIAchain, we are at the forefront of innovation in blockchain technology with the aim of supporting financial markets with a high-performance and secure architecture and a clear governance model. We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT”, says Daniele Savarè, Innovation & Business Solutions Director, SIA.
So what we’ve done is instead of just announcing one client and one thing, we’re announcing that we’re working with SIA. So, SIA is the leading European payment infrastructure. And what we’re doing with SIA is interconnecting blockchain networks with SIA, and doing settlements, which are central bank settlements, with the central bank in Italy. So what Overledger is doing is we’re actually bringing blockchain and interoperability to all of SIA’s clients, which are 580 banks. So, Overledger could be rolled out to all these institutions, financial services, banks, at scale, and have interoperability to get the benefits of this.
To read more see my other article which goes into more details about SIA here

AX Trading

Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
  • an SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA and SIPC regulated authorities.
  • Have investors and sponsored brokers such as Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion).
  • AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc).
  • AX Trading have also partnered with Euronext, the largest Stock Exchange in Europe with a market cap of $4.65 trillion as of 2018, in the creation of Euronext Block which utilises AX Trading.
  • This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets
George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”
To read more see my other article which goes into more details about Wall Street 2.0: Enabled by Quant Network’s Partnership with SEC & FINRA registered AX Trading here


  • Oracle are the second largest software company in the world, second only to Microsoft and worth $174.5 billion.
  • Quant Network are an Oracle Fintech Partner. Oracle are jointly going to market with Quant Network and taking Overledger directly to their 480,000 clients globally.
  • On the week commencing the 23rd September 2019 Quant Network and Oracle will be showcasing Overledger at the largest Financial event of the year SIBOS. SIBOS is a very exclusive financial services only event that only institutions that are connected to SWIFT can attend. The only 2 Blockchain firms attending are Quant Network and Ripple.
At Sibos 2019 Oracle is excited to feature 10 of our fintechs that have proven they are enterprise cloud ready and span a wide range of digital transformation themes including several available on Oracle’s Open Banking API ecosystem. Discover how you can accelerate your digital banking journey with a wide range of proven Oracle fintech solutions that meet the security, performance, and compliance needs for today’s Adaptive Bank — Oracle SIBOS 2019 Blockchain Enables Trustworthy Transactions The potential uses of blockchain technologies are seemingly endless, from providing easy access to online payments to creating connected economies. But one of blockchain’s standout promises is to automate trust by providing an incorruptible platform for transactions. Quant’s Overledger is the world’s first blockchain operating system. It’s designed to provide any network in the world with a gateway to all other blockchains, and therefore enable companies to develop new solutions by incorporating features from multiple blockchain applications. —


  • Crowdz are the leading blockchain-based trade finance company
  • Headed by Cisco’s former global supply-chain leader
  • In business since 2014, with 270+ beta clients
  • partnered with Barclaycard, part of Barclays Bank, to integrate into their payment solutions
  • Recently received $5.5 million Series A Investment from Barclays Bank and BOLD Capital Partners, with additional investments coming from TFX Capital Partners, Techstars Ventures, and First Derivatives
  • In talks with the Korean Government about using their tech.
Payson Johnston, President and CEO of Crowdz, a Silicon Valley trade-finance and financial-technology company, stated that, “Although Crowdz uses the Ethereum blockchain as the foundation for our Invoice Auction Exchange, we have needed a solution that allows for invoices and other documents to be transferred from one blockchain to another — for example, among Hyperledger, Corda, and EOS. With the Overledger solution from Quant Network, it is now possible to pass data among different blockchains. Crowdz looks forward to working with Quant Network to enable the true multi-blockchain environment that our customers demand.”
You can read more about the announcement here

AuCloud and UKCloud

  • UKCloudX is the UK Sovereign High assurance cloud services designed for the UK’s most sensitive and mission critical systems from Defence, National Security to wider Government requirements.
  • AUCloud is Australia’s sovereign cloud Infrastructure-as-a-Service (IaaS) provider, exclusively focused on the Australian Government (Federal, State and Local) and Critical National Industry (CNI) communities.
  • AuCloud integrate Overledger onto the AUCloud platform to provide highly secure and interoperable Blockchain-as-a-Service for Australian Government and Defence and the critical national industries and supply chains that serve the nation.
Scott Wilkie, Director of AUCloud stated that Australian Government, Department of Defence and major industries are using or testing blockchain to interact with their supply chain, critical infrastructure, national record keeping and financial services. These organisations require the interoperable functionality that can only come with an operating system like Overledger and the security of the leading sovereign Australian cloud platform. Without Overledger, none of these projects or systems will be able to communicate with each other or enable cross party collaboration. Brad Bastow, CTO AUCloud (previously CTO Department of the Prime Minster & Cabinet) stated that “applying world leading blockchain technologies to enhancing the cyber security of cloud IaaS and PaaS can significantly improve the ease of adoption and reduces risks for all government users and citizens. We aim to bring the most effective and assured technologies as-a-Service and Quant Network have some of the most advanced blockchain technology in the world in this respect.”
You can read more about the announcement here


  • A Cloud-based, smart-contract-as-a-service (SCaas) platform. enabling users across a variety of skill sets to implement DAPPs.
  • formed from a Defense Advanced Research Projects Agency (DARPA) grant in 2017 originally developed by ITAMCO and the University of Notre Dame
  • Awarded a grant from the Department of Energy to develop a platform for a blockchain solution for the solar energy market.
  • Their platform is available on Azure and are Microsoft Start Up Partners with a former Microsoft Global Exec Joining SIMBA Chain.
  • Some of their other partnerships include the Government Blockchain Association, Air Force Research Laboratory, Caterpillar, SAP and EY
  • Recently announced they are starting to develop on Quant Network’s Overledger to enable connection to all of the blockchains currently connected through Overledger and provide interoperability between them.


  • an AI-powered decentralized investment and financing ecosystem, which allows corporates to quickly, cheaply and safely raise funds, whether it be equity, debt or tokens.
  • Selected as 1 of 15 Best Early-Stage startups at Money 20/20, Europe’s Largest Finetech Conference.
  • Joined Kickstart Innovation, one of Europe’s largest multi-corporate accelerators.
  • Joined Level39 Europe’s largest Fintech Accelerator
  • Partnered with Holochain, Elastos and Portugal Finlab
  • have more than 35 years combined experience in capital markets at top investment banks (Goldman, JP Morgan, Barclays…) and more than 10 years in AI, IT and software development (Barclays, VINCI, PostNL…).
“AllianceBlock will use Overledger to leverage multiple blockchains and create multi-chains token swaps. This partnership offers the possibility to open a new set of real-world applications leveraging different features from different chains. AllianceBlock is delighted about this partnership which will help blockchain projects and SMEs wield blockchain technology very easily” said Rachid Ajaja, Co-founder of AllianceBlock.

Jiangsu Huaxin Blockchain Institute

  • the first state-owned research hub dedicated to exploring blockchain technology for the Chinese Ministry of Commerce with over 100 employees.
  • high-tech R & D institution backed by the provincial government in Jiangsu, the second highest GDP grossing province in China
  • Backed by parent company Beijing Huaxin Electronics Enterprise Group, a conglomerate that has incubated and invested in numerous IT and telecommunications companies
  • China’s official institution for blockchain development, signed an agreement to collaborate on the development of innovations like distributed computing and quantum cryptography to revolutionize the next generation of distributed ledger technology (DLT) protocols.
  • Quant Network have signed a MoU for a 5 year cooperation

Atlantic Power Exchange

  • An Early Stage start-up developing P2P energy software enabling automated trading of green and sustainable electricity over the blockchain
  • Creating an Upstream Energy exchange which interconnects existing P2P exchanges (like PowerLedger, WePower, GridSingularity etc) to multiple stakeholders, suppliers and customers in Australia.
  • All Built on Overledger

Managing Director of Rockefeller Capital Joins the Board of Quant Network

  • Rockefeller Capital Management is a leading independent financial services firm led by President & Chief Executive Officer Gregory J. Fleming, offering global family office, wealth management, asset management and strategic advisory services to ultra-high-net-worth individuals, families, institutions and corporations
  • Rockefeller Capital Management manages over $19 Billion in Assets with the aim of expanding this to $100 billion within 5 years.
Guy Dietrich, Managing Director, Rockefeller Capital commented:
“I’m delighted to join the Board of Quant Network. This is an exceptional team of experienced professionals in the cybersecurity and blockchain industry.”
Guy Dietrich recently personally attended meetings with the UK’s Financial Conduct Authority (FCA) with Gilbert.

International Organization for Standardization (ISO)

Gilbert Verdian is the founder of ISO TC 307, the global standard for Blockchain and Distributed Ledger Technologies which 55 countries are currently working towards. Gilbert is the chairman for the TC 307 Working Group for Interoperability of blockchain and distributed ledger technology systems

European’s Union INATBA

Quant Network is a founding member in the European Union’s launch of the International Association for Trusted Blockchain Applications (INATBA). Other members of INATBA include Accenture, Accord Project, Alastria,Banco Santander, BBVA, Consensys, Enterprise Ethereum Alliance, Fujitsu, IOTA, Ledger, SAP, SIA, Swift, Telefonica, We.Trade and many more. INATBA is a collaboration of 26 EU countries to develop EU blockchain regulation and prepare the launch of EU-wide blockchain applications


  • Quant Network accepted as a company guarantor of Pay.UK, the UK’s largest payment network, alongside banks and other FinTech companies
  • Through this relationship, Quant Network will shape the payment ecosystem to promote competition, innovation and openness, as well as setting the strategic direction of the Payments infrastructure and adopting the New Payments Architecture (NPA).
You can read more about it here and here


  • consortium for blockchain innovation in the mobility industry. The consortium was founded by leading automakers including Renault, Ford, GM, and BMW, and now represents more than 80 percent of global auto manufacturing by volume. Other members include Bosch, IBM, Cognizant, Accenture, Consensys, IOTA, R3, VeChain, Hyperledger, Ocean Protocol and Honda (Full list can be seen here)
  • Overledger operating system will enable interconnectivity and interoperability of data between manufacturers, devices, transportation and autonomous vehicles


  • Quant Network has joined Hyperledger where more than 270 organisations are now contributing to the growth of Hyperledger’s open source distributed ledger frameworks and tools. Some of the companies involved are Accentrue, Airbus, American Express, Baidu, Cisco, Deutsche Bank, DTCC, Fujitsu, Hitachi, IBM, Intel, J.P.Morgan, SAP, BBVA, Bosch, Deloitte, Fedex, Huawei, Lenovo, NTT Data, Oracle, PWC, R3, Ripple, Samsung,, Bank of England, Enterprise Ethereum Alliance, Federal Reserve, MOBI etc. Full list of members can be seen here.
  • Working with the Hyperledger Quilt team to enhance Blockchain Interoperability capability for Hyperledger members

Accord Project

  • The Accord Project is the organization for the development of techno-legal standards for smart legal contracts and distributed ledger applications in the legal industry
  • The Project operates in collaboration with IEEE, the International Association for Contract and Commercial Management, Hyperledger, R3, Decentralized Identity Foundation, and a number of leading trade associations, industry and standards organizations, and world leading law firms.
  • Quant Network have joined the Accord Project and are providing the Technology with Overledger and Treaty Contracts.

As well as many being worked on and yet to be publicly announced:

HCL Technologies

  • Indian Multinational IT Service and consulting company with offices in 44 countries and 137,000+ employees
  • Among the top 20 largest publicly traded companies in India with a market cap of $18.7 Billion and revenue of $9 billion.
  • Customers include 250 of the Fortune 500 and 650 of the Global 2000 companies.
we are really looking at ASIA, especially around Singapore, Hong Kong and we are working with partners to go there, just yesterday we had a meeting with a $8 billion company based in the ASIA region and they want to use Overledger for their clients and they are going to help us expand to that region, once we partner with the right bigger players

2 of the Big 4 Global Consultancy Firms are taking Quant Network’s Overledger to their clients.

The Big 4 Global Consultancy firms are huge and consist of Deloitte, PwC, EY and KPMG. They offer a range of services from offering consultancy advice on what to use, assisted prototyping right through to the delivery of production-ready enterprise solutions. Previously Gilbert was the Director of Cybersecurity at PwC and a Senior Manager of Security at EY plus Lara Verdian was the director for Deloitte Access Economics at Deloitte.
Quant Network are currently working with 2 of the above 4 global consultancy firms who are taking Overledger to their clients.

As well as many other consultancy firms:

Quant Health

  • Quant are working the Government of Armenia in Health, futureproofing the eHealth Strategy with Blockchain
  • Working with huge Conglomerates to establish a new consortium in Healthcare


They are also in talks with Traditional Exchanges such as the Swiss Stock Exchange SDX Platform and others as well as Large asset management firms
As well as various Governments including the Australian Treasury with DATA61 regarding open banking and consumer data rights, the UK’s HMRC, Central Banks, Global companies in Korea, Insurance Companies, Airlines and Logistic companies.
It’s truly remarkable what they have achieved in such a short space of time, working non-stop all around the globe, working with enormous Global organisations, Leading Financial Institutions, Governments and Health. Quant Network is enabling the mass adoption of Blockchain, bridging all blockchains and offchain networks together (as well as plans to connect directly to the Internet) to achieve the true potential of this revolutionary technology.
In the last article of this mini-series I will take a closer look at the tokenomics of the QNT token and why there isn’t another utility token with as much value as QNT. With a tiny total supply of just 14.6 million QNT tokens, with no inflation, Supply reducing further as tokens are taken out circulation with licensing and strong demand / usage for the token, as well as minimum QNT holdings for wallets to benefit from Universal Interoperability.
Part One — Blockchain Fundamentals
Part Two — The Layers Of Overledger
Part Three — TrustTag and the Tokenisation of data
Part Four — Features Overledger provides to MAPPs
Part Five — Creating the Standards for Interoperability
Part Six — The Team behind Overledger and Partners
Part Seven — The QNT Token
Part Eight — Enabling Enterprise Mass Adoption
Quant Network Enabling Mass Adoption of Blockchain at a Rapid Pace
Quant Network Partner with SIA, A Game Changer for Mass Blockchain Adoption by Financial Institutions
Part One of this mini Series — What is a blockchain operating system and what are the benefits? Introducing Overledger from Quant Network
Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
submitted by xSeq22x to QuantNetwork [link] [comments]

Beginner’s Guide to BitMEX

Beginner’s Guide to BitMEX
Founded by HDR Global Trading Limited (which in turn was founded by former bankers Arthur Hayes, Samuel Reed and Ben Delo) in 2014, BitMEX is a trading platform operating around the world and registered in the Seychelles.
Meaning Bitcoin Mercantile Exchange, BitMEX is one of the largest Bitcoin trading platforms currently operating, with a daily trading volume of over 35,000 BTC and over 540,000 accesses monthly and a trading history of over $34 billion worth of Bitcoin since its inception.
Unlike many other trading exchanges, BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies. BitMEX specialises in sophisticated financial operations such as margin trading, which is trading with leverage. Like many of the exchanges that operate through cryptocurrencies, BitMEX is currently unregulated in any jurisdiction.
Visit BitMEX

How to Sign Up to BitMEX

In order to create an account on BitMEX, users first have to register with the website. Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account. Once users are registered, there are no trading limits. Traders must be at least 18 years of age to sign up.
However, it should be noted that BitMEX does not accept any US-based traders and will use IP checks to verify that users are not in the US. While some US users have bypassed this with the use of a VPN, it is not recommended that US individuals sign up to the BitMEX service, especially given the fact that alternative exchanges are available to service US customers that function within the US legal framework.
How to Use BitMEX
BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash.
The trading platform on BitMEX is very intuitive and easy to use for those familiar with similar markets. However, it is not for the beginner. The interface does look a little dated when compared to newer exchanges like Binance and Kucoin’s.
Once users have signed up to the platform, they should click on Trade, and all the trading instruments will be displayed beneath.
Clicking on the particular instrument opens the orderbook, recent trades, and the order slip on the left. The order book shows three columns – the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long.
The widgets on the trading platform can be changed according to the user’s viewing preferences, allowing users to have full control on what is displayed. It also has a built in feature that provides for TradingView charting. This offers a wide range of charting tool and is considered to be an improvement on many of the offering available from many of its competitors.
Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button. Users also see all currently open positions, with an analysis if it is in the black or red.
BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Auto-deleveraging means that if a position bankrupts without available liquidity, the positive side of the position deleverages, in order of profitability and leverage, the highest leveraged position first in queue. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed.
Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at present. However, it is recommended that users use it on the desktop if possible.
BitMEX offers a variety of order types for users:
  • Limit Order (the order is fulfilled if the given price is achieved);
  • Market Order (the order is executed at current market price);
  • Stop Limit Order (like a stop order, but allows users to set the price of the Order once the Stop Price is triggered);
  • Stop Market Order (this is a stop order that does not enter the order book, remain unseen until the market reaches the trigger);
  • Trailing Stop Order (it is similar to a Stop Market order, but here users set a trailing value that is used to place the market order);
  • Take Profit Limit Order (this can be used, similarly to a Stop Order, to set a target price on a position. In this case, it is in respect of making gains, rather than cutting losses);
  • Take Profit Market Order (same as the previous type, but in this case, the order triggered will be a market order, and not a limit one)
The exchange offers margin trading in all of the cryptocurrencies displayed on the website. It also offers to trade with futures and derivatives – swaps.

Futures and Swaps

A futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can leverage up to 100x on certain contracts.
Perpetual swaps are similar to futures, except that there is no expiry date for them and no settlement. Additionally, they trade close to the underlying reference Index Price, unlike futures, which may diverge substantially from the Index Price.
BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event.
The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.

Bitmex Leverage

BitMEX allows its traders to leverage their position on the platform. Leverage is the ability to place orders that are bigger than the users’ existing balance. This could lead to a higher profit in comparison when placing an order with only the wallet balance. Trading in such conditions is called “Margin Trading.”
There are two types of Margin Trading: Isolated and Cross-Margin. The former allows the user to select the amount of money in their wallet that should be used to hold their position after an order is placed. However, the latter provides that all of the money in the users’ wallet can be used to hold their position, and therefore should be treated with extreme caution.
The BitMEX platform allows users to set their leverage level by using the leverage slider. A maximum leverage of 1:100 is available (on Bitcoin and Bitcoin Cash). This is quite a high level of leverage for cryptocurrencies, with the average offered by other exchanges rarely exceeding 1:20.

BitMEX Fees

For traditional futures trading, BitMEX has a straightforward fee schedule. As noted, in terms of leverage offered, BitMEX offers up to 100% leverage, with the amount off leverage varying from product to product.
However, it should be noted that trading at the highest leverages is sophisticated and is intended for professional investors that are familiar with speculative trading. The fees and leverage are as follows:
However, there are additional fees for hidden / iceberg orders. A hidden order pays the taker fee until the entire hidden quantity is completely executed. Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.

Deposits and Withdrawals

BitMEX does not charge fees on deposits or withdrawals. However, when withdrawing Bitcoin, the minimum Network fee is based on blockchain load. The only costs therefore are those of the banks or the cryptocurrency networks.
As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin.
The minimum deposit is 0.001 BTC. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer.
Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals are intended to increase the security levels of users’ funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, as well as bypassing the use of automated systems & hot wallets which may be more prone to compromise.

Supported Currencies

BitMEX operates as a crypto to crypto exchange and makes use of a Bitcoin-in/Bitcoin-out structure. Therefore, platform users are currently unable to use fiat currencies for any payments or transfers, however, a plus side of this is that there are no limits for trading and the exchange incorporates trading pairs linked to the US Dollar (XBT), Japanese Yen (XBJ), and Chinese Yuan (XBC).
BitMEX supports the following cryptocurrencies:
  • Bitcoin (XBT)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Ripple Token (XRP)
  • Monero (XMR)
  • Dash (DASH)
  • Zcash (ZEC)
  • Cardano (ADA)
  • Tron (TRX)
  • EOS Token (EOS)
BitMEX also offers leverage options on the following coins:
  • 5x: Zcash (ZEC)
  • 20x : Ripple (XRP),Bitcoin Cash (BCH), Cardano (ADA), EOS Token (EOS), Tron (TRX)
  • 25x: Monero (XMR)
  • 33x: Litecoin (LTC)
  • 50x: Ethereum (ETH)
  • 100x: Bitcoin (XBT), Bitcoin / Yen (XBJ), Bitcoin / Yuan (XBC)

Trading Technologies International Partnership

HDR Global Trading, the company which owns BitMEX, has recently announced a partnership with Trading Technologies International, Inc. (TT), a leading international high-performance trading software provider.
The TT platform is designed specifically for professional traders, brokers, and market-access providers, and incorporates a wide variety of trading tools and analytical indicators that allow even the most advanced traders to customize the software to suit their unique trading styles. The TT platform also provides traders with global market access and trade execution through its privately managed infrastructure and the partnership will see BitMEX users gaining access to the trading tools on all BitMEX products, including the popular XBT/USD Perpetual Swap pairing.

The BitMEX Insurance Fund

The ability to trade on leverage is one of the exchange’s main selling points and offering leverage and providing the opportunity for traders to trade against each other may result in a situation where the winners do not receive all of their expected profits. As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners.
Traditional exchanges like the Chicago Mercantile Exchange (CME) offset this problem by utilizing multiple layers of protection and cryptocurrency trading platforms offering leverage cannot currently match the levels of protection provided to winning traders.
In addition, cryptocurrency exchanges offering leveraged trades propose a capped downside and unlimited upside on a highly volatile asset with the caveat being that on occasion, there may not be enough funds in the system to pay out the winners.
To help solve this problem, BitMEX has developed an insurance fund system, and when a trader has an open leveraged position, their position is forcefully closed or liquidated when their maintenance margin is too low.
Here, a trader’s profit and loss does not reflect the actual price their position was closed on the market, and with BitMEX when a trader is liquidated, their equity associated with the position drops down to zero.
In the following example, the trader has taken a 100x long position. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market.
This means that it does not matter what price this trade executes at, namely if it’s $3,995 or $3,000, as from the view of the liquidated trader, regardless of the price, they lose all the equity they had in their position, and lose the entire one Bitcoin.
Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. Here, liquidations manifest as contributions to the insurance fund (e.g. if the maintenance margin is 50bps, but the market is 1bp wide), and the insurance fund should rise by close to the same amount as the maintenance margin when a position is liquidated. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth.
The following graphs further illustrate the example, and in the first chart, market conditions are healthy with a narrow bid/ask spread (just $2) at the time of liquidation. Here, the closing trade occurs at a higher price than the bankruptcy price (the price where the margin balance is zero) and the insurance fund benefits.
Illustrative example of an insurance contribution – Long 100x with 1 BTC collateral
(Note: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,978, representing $1 of slippage compared to the $3,979 bid price at the time of liquidation.)
The second chart shows a wide bid/ask spread at the time of liquidation, here, the closing trade takes place at a lower price than the bankruptcy price, and the insurance fund is used to make sure that winning traders receive their expected profits.
This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up.
Illustrative example of an insurance depletion – Long 100x with 1 BTC collateral
(Notes: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,800, representing $20 of slippage compared to the $3,820 bid price at the time of liquidation.)
The exchange declared in February 2019, that the BitMEX insurance fund retained close to 21,000 Bitcoin (around $70 million based on Bitcoin spot prices at the time).
This figure represents just 0.007% of BitMEX’s notional annual trading volume, which has been quoted as being approximately $1 trillion. This is higher than the insurance funds as a proportion of trading volume of the CME, and therefore, winning traders on BitMEX are exposed to much larger risks than CME traders as:
  • BitMEX does not have clearing members with large balance sheets and traders are directly exposed to each other.
  • BitMEX does not demand payments from traders with negative account balances.
  • The underlying instruments on BitMEX are more volatile than the more traditional instruments available on CME.
Therefore, with the insurance fund remaining capitalized, the system effectively with participants who get liquidated paying for liquidations, or a losers pay for losers mechanism.
This system may appear controversial as first, though some may argue that there is a degree of uniformity to it. It’s also worth noting that the exchange also makes use of Auto Deleveraging which means that on occasion, leveraged positions in profit can still be reduced during certain time periods if a liquidated order cannot be executed in the market.
More adventurous traders should note that while the insurance fund holds 21,000 Bitcoin, worth approximately 0.1% of the total Bitcoin supply, BitMEX still doesn’t offer the same level of guarantees to winning traders that are provided by more traditional leveraged trading platforms.
Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.

How suitable is BitMEX for Beginners?

BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world (except to US inhabitants).
This helps to attract the attention of people new to the process of trading on leverage and when getting started on the platform there are 5 main navigation Tabs to get used to:
  • **Trade:**The trading dashboard of BitMEX. This tab allows you to select your preferred trading instrument, and choose leverage, as well as place and cancel orders. You can also see your position information and view key information in the contract details.
  • **Account:**Here, all your account information is displayed including available Bitcoin margin balances, deposits and withdrawals, and trade history.
  • **Contracts:**This tab covers further instrument information including funding history, contract sizes; leverage offered expiry, underlying reference Price Index data, and other key features.
  • **References:**This resource centre allows you to learn about futures, perpetual contracts, position marking, and liquidation.
  • **API:**From here you can set up an API connection with BitMEX, and utilize the REST API and WebSocket API.
BitMEX also employs 24/7 customer support and the team can also be contacted on their Twitter and Reddit accounts.
In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab.
For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community.
Most importantly, the exchange also maintains a testnet platform, built on top of testnet Bitcoin, which allows anyone to try out programs and strategies before moving on to the live exchange.
This is crucial as despite the wealth of resources available, BitMEX is not really suitable for beginners, and margin trading, futures contracts and swaps are best left to experienced, professional or institutional traders.
Margin trading and choosing to engage in leveraged activity are risky processes and even more advanced traders can describe the process as a high risk and high reward “game”. New entrants to the sector should spend a considerable amount of time learning about margin trading and testing out strategies before considering whether to open a live account.

Is BitMEX Safe?

BitMEX is widely considered to have strong levels of security. The platform uses multi-signature deposits and withdrawal schemes which can only be used by BitMEX partners. BitMEX also utilises Amazon Web Services to protect the servers with text messages and two-factor authentication, as well as hardware tokens.
BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. If they do not, there is an immediate system shutdown.
In addition, the BitMEX trading platform is written in kdb+, a database and toolset popular amongst major banks in high frequency trading applications. The BitMEX engine appears to be faster and more reliable than some of its competitors, such as Poloniex and Bittrex.
They have email notifications, and PGP encryption is used for all communication.
The exchange hasn’t been hacked in the past.

How Secure is the platform?

As previously mentioned, BitMEX is considered to be a safe exchange and incorporates a number of security protocols that are becoming standard among the sector’s leading exchanges. In addition to making use of Amazon Web Services’ cloud security, all the exchange’s systems can only be accessed after passing through multiple forms of authentication, and individual systems are only able to communicate with each other across approved and monitored channels.
Communication is also further secured as the exchange provides optional PGP encryption for all automated emails, and users can insert their PGP public key into the form inside their accounts.
Once set up, BitMEX will encrypt and sign all the automated emails sent by you or to your account by the [[email protected]](mailto:[email protected]) email address. Users can also initiate secure conversations with the support team by using the email address and public key on the Technical Contact, and the team have made their automated system’s PGP key available for verification in their Security Section.
The platform’s trading engine is written in kdb+, a database and toolset used by leading financial institutions in high-frequency trading applications, and the speed and reliability of the engine is also used to perform a full risk check after every order placement, trade, settlement, deposit, and withdrawal.
All accounts in the system must consistently sum to zero, and if this does not happen then trading on the platform is immediately halted for all users.
With regards to wallet security, BitMEX makes use of a multisignature deposit and withdrawal scheme, and all exchange addresses are multisignature by default with all storage being kept offline. Private keys are not stored on any cloud servers and deep cold storage is used for the majority of funds.
Furthermore, all deposit addresses sent by the BitMEX system are verified by an external service that works to ensure that they contain the keys controlled by the founders, and in the event that the public keys differ, the system is immediately shut down and trading halted. The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out.

BitMEX Customer Support

The trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media. The typical response time from the customer support team is about one hour, and feedback on the customer support generally suggest that the customer service responses are helpful and are not restricted to automated responses.
The BitMEX also offers a knowledge base and FAQs which, although they are not necessarily always helpful, may assist and direct users towards the necessary channels to obtain assistance.
BitMEX also offers trading guides which can be accessed here


There would appear to be few complaints online about BitMEX, with most issues relating to technical matters or about the complexities of using the website. Older complaints also appeared to include issues relating to low liquidity, but this no longer appears to be an issue.
BitMEX is clearly not a platform that is not intended for the amateur investor. The interface is complex and therefore it can be very difficult for users to get used to the platform and to even navigate the website.
However, the platform does provide a wide range of tools and once users have experience of the platform they will appreciate the wide range of information that the platform provides.
Visit BitMEX
submitted by bitmex_register to u/bitmex_register [link] [comments]

AMA in Telegram with Philipp Pieper 6/19/2019

Philipp Pieper, [19.06.19 12:00]
Hey everyone. Hope you enjoyed our blog post

Philipp Pieper, [19.06.19 12:01]
Happy to answer any questions regarding this governance upgrade and the related ballots on

Philipp Pieper, [19.06.19 12:01]
Do we have @HoneyBadgerX in the house?

Brent, [19.06.19 12:01]
[In reply to Philipp Pieper]
Hi thanks for the few extra likes on twitter ;-)

Philipp Pieper, [19.06.19 12:01]
Yeah, that tweet was great and reminded us why we're named "Swarm"

Brent, [19.06.19 12:02]
We have been previously talking in the room earlier today about one of the questions on the ballot

Philipp Pieper, [19.06.19 12:02]
Should I scroll up or do you want to repeat?

Dr Richard Kimble, [19.06.19 12:03]
I have some significant concerns over this “watermark” flexible stake system:
⁃ The market is highly volatile, Swm stakes could go below the watermark level persistently- causing stress and confusion to issuers who would need to buy more Swm unexpectedly.
⁃ A non-static stake lacks the simplicity and user friendly function of the original stake design.
⁃ The watermark stake could create an incentive for issuers and large holders to manipulate Swm price to influence staking requirements for competing entities. This is anti network effect.
⁃ The current static staking mechanism has been extremely well received, why mess with an already winning formula?
⁃ What happens if issuers default on their stake? Why would we want a system where this would even be a possibility?
⁃ If an STO issuer defaulted on a stake and doesn’t have funds to remedy it, what happens to holders of that particular STO token (STO investors could seemingly be impacted)?
Why not keep it simple, keep it safe, keep it static and by doing so keep people happy 😀?. The “watermark” staking sounds like a disaster IMO.

Dr Richard Kimble, [19.06.19 12:03]
[In reply to Philipp Pieper]

Brent, [19.06.19 12:03]
[In reply to Dr Richard Kimble]

Philipp Pieper, [19.06.19 12:04]
Yes, the implications can be complex

Philipp Pieper, [19.06.19 12:04]
Plus, it will be tech and procedural challenge to get that right.

Philipp Pieper, [19.06.19 12:04]
That said, in conversations it has been a huge success, where the issuers knew they could take value off the table along the way, when SWM rockets. That way the fees net-on-net become even less for them and it makes the token locking more phased than if they unlock in one go.

Alex, [19.06.19 12:04]
Why would changing staking model would give us more chances to price increase? I am looking at it from the toke value perspective.

Philipp Pieper, [19.06.19 12:04]
I don't think it's mission critical though in the perception of value prop for Swarm.

Philipp Pieper, [19.06.19 12:05]
Lastly, it creates incentives to even come in with one NAV and be honest about the change along the way. Most people think of this a a fundraising mechanism. I see the bigger value in attracting funds on an ongoing basis, even with their existing assets and slowing growing them on-chain.

₿ooker, [19.06.19 12:05]
Wheres the voting page?

Philipp Pieper, [19.06.19 12:06]
[In reply to Alex]
I don't think it has lot's to do with price increase. Rather, that the issuers have a way to neutralize their early commitments. It would be similar to how Nexo and others work.

Flashlightman, [19.06.19 12:06]
[In reply to ₿ooker]

Philipp Pieper, [19.06.19 12:06]
But we're here to openly discuss and hear feedback. If that doesn't feel right to everyone, I guess the ballot will show.

Philipp Pieper, [19.06.19 12:08]
Anything you all liked about the governance construct we developed? It may not be perfect out of the gate, but surely sets us up to adopt over time.

ICOPC -CRYPTOSWINGER🇺🇸, [19.06.19 12:09]
[In reply to Thorfried]
Sure do👍🏾.

Dr Richard Kimble, [19.06.19 12:10]
What happens if issuers default on their stake in the watermark model?

Dr Richard Kimble, [19.06.19 12:10]
Then, what happens to it’s according sec tokens?

Timo Lehes, [19.06.19 12:11]
One option is to introduce restrictions, for example for issuance of new sec tokens and/or transfer of existing tokens.

Dr Richard Kimble, [19.06.19 12:11]
Seems a lot more complex with added uncertainty

Philipp Pieper, [19.06.19 12:12]
The exact mechanisms would need to be worked out. There are different ways how to sanction the token. From limiting tradeability, to a billing of the issuer by the network,... lot's of possibilities. Not that trivial.

Philipp Pieper, [19.06.19 12:13]
...or they have to unlock with an extra stash of Libra ;)

Dr Richard Kimble, [19.06.19 12:13]

Alex, [19.06.19 12:14]
I think that since issuers can buy back their securities if they want to sell some of their swarm tokens, it is solved in itself already.

The only advantage I see is that, if the the swarm token was valued at a much higher price, and drop, latecomers would have to buy more, but since price is low, early STOs could sell as price increase.

Given the uncertainty, I’d really want to be sold on the idea of changing, or I’d stay with the status quo.

Just looking at it from my investment’s perspective.

Dr Richard Kimble, [19.06.19 12:15]
[In reply to Philipp Pieper]
I can also see a potential for price manipulation to make for different stake entry points for an issuer with lots of offer in the pipeline

Philipp Pieper, [19.06.19 12:17]
I personally think that the danker of price manipulation is higher in the static model. As it has a "moment in time" component to it. When it's a floating value, it does not make sense to manipulate, as you'll be punished by the market the next moment.

Philipp Pieper, [19.06.19 12:17]

Dr Richard Kimble, [19.06.19 12:19]
[In reply to Philipp Pieper]
Touché, good point. I just think the idea of having the uncertainty of possibly needing to buy more stake at any time doesn’t sit well with me.

Philipp Pieper, [19.06.19 12:19]
It's very important to cater towards those assets that want to replicate their assets on the network and incentivize them to be honest about the value. Otherwise we'll see that some come in with low NAV, stake and then increase it soon after.

Sam Stone, [19.06.19 12:19]
My main concern with the watermark model is that it creates a potential (maybe unlikely) attack vector for a large token holder. They could dump the token, causing all issued tokens to suffer some sanction at the same time, and have to scramble to buy more. Of course this can be dealt with by introducing a moving average in determining the stake, but it needs to be considered.

Brent, [19.06.19 12:20]
[In reply to Sam Stone]
Yes good idea, possibly build in the contract a staggered sell clause over a period of time?.

Philipp Pieper, [19.06.19 12:20]
Yes, @stonysam, plus withdrawing from the staking contract is only possible on those amounts that are in excess of staking value.

Dr Richard Kimble, [19.06.19 12:20]
[In reply to Philipp Pieper]
From what I have been hearing, potential issuers love the simplicity of the static stake. Have any issuers requested this model?

Philipp Pieper, [19.06.19 12:22]
[In reply to Philipp Pieper]

Brent, [19.06.19 12:22]
You guys have been making good progress lately. Looking forward to getting the MN live and making this journey with swarm become a reality. I think the possible additional members to the council will be a great asset

Dr Richard Kimble, [19.06.19 12:22]
[In reply to Sam Stone]
Doesn’t the very volatile nature of crypto make a watermark model too turbulent?

Philipp Pieper, [19.06.19 12:22]
We think so too and are looking forward to it.

Philipp Pieper, [19.06.19 12:23]
[In reply to Dr Richard Kimble]
Sure, that could be. But it could also lead serious issuers to hold a volatility reserve in their staking wallet...

Dr Richard Kimble, [19.06.19 12:24]
[In reply to Philipp Pieper]
So then if they have to hold reserve, what’s the real benefit?

Philipp Pieper, [19.06.19 12:24]
Btw, when NAV increases over time, then stakes will have to be increased too. This does not only apply to the SWM price

Sam Stone, [19.06.19 12:24]
[In reply to Dr Richard Kimble]
On the surface, yes, so it would need some safety net and modelling to ensure it isn't overly aggressive.

Philipp Pieper, [19.06.19 12:24]
[In reply to Dr Richard Kimble]
To the network: higher stakes

Philipp Pieper, [19.06.19 12:25]
Is everyone familiar with the concept of NAV?

Dr Richard Kimble, [19.06.19 12:25]
[In reply to Philipp Pieper]
Okay, so higher net value of Swm staked?

corn, [19.06.19 12:25]
[In reply to Philipp Pieper]
Can you explain please?

Philipp Pieper, [19.06.19 12:26]
NAV = Net Asset Value. This is the declared value of the underlying asset. So if a fund raises $100M, buys assets and after 12 months has a value of $110M, then the NAV reflects that value increase.

Philipp Pieper, [19.06.19 12:27]
The issuer staking is determined on an ongoing basis based on the corresponding NAV. So that way the ongoing value increase of the assets leads to an ongoing staking necessity.

corn, [19.06.19 12:28]
Have all these custody partners been really prepared to handle the nav-scaling model?

Philipp Pieper, [19.06.19 12:28]
[In reply to corn]
Not sure I follow the implications. The assets held by the custody partners remain the same.

Philipp Pieper, [19.06.19 12:28]
just at a higher value.

@TokenAddict (twitter), [19.06.19 12:28]
[In reply to Philipp Pieper]
For large funds the fee is as low as a .1% one off charge that they can recoup at a future point, good to hear the positives in that they are talking to us, but I am surprised it is high on agenda with larger issuers. They benefit from the increase in value of Swarm network if they continue to tokenise new assets so unless they were only doing one off issuances how big a deal could it be for them. Do you see us simply not winning deals on something like this, or could it be positioned as ‘something for a future consideration’ but first....let’s build some value in the network?

Thorfried, [19.06.19 12:29]
Hi Peter, I have a question about Security Tokens in general: how are dividends paid out?

Philipp Pieper, [19.06.19 12:29]
the only impact it might have is higher insurance premiums for those that have increased value held in custody

corn, [19.06.19 12:30]
[In reply to Philipp Pieper]
Good point. Awesome. Don’t know why that seemed complex to me

₿ooker, [19.06.19 12:30]
I dont understand this part "where depending on the changing values of SWM and the SRC20’s Net Asset Values, the staking value can be continuously recalculated, which would then allow the token issuer adjust the staking amount accordingly on an ongoing basis."

Philipp Pieper, [19.06.19 12:30]
trying to answer multiple things at the same time... hold up.

Shaun C, [19.06.19 12:30]
how often will the NAV be re-calculated?

Philipp Pieper, [19.06.19 12:31]
[In reply to @TokenAddict (twitter)]
Not sure I follow the train of thought here. We are winning issuers based on this exciting and novel staking model (and not charging an arm and a leg like in fees others).

Philipp Pieper, [19.06.19 12:33]
But it is directly a topic of discussion on what to do with the tokens and whether that is part of their mandate to hold and speculate on... a watermark model would neutralize that point.

Timo Lehes, [19.06.19 12:33]
[In reply to @TokenAddict (twitter)]
The key value prop of the stake is that it is not a fee, but stays on the issuers balance sheet.

Philipp Pieper, [19.06.19 12:33]
[In reply to Shaun C]
for some every day, for others quarterly or annualy.

Philipp Pieper, [19.06.19 12:33]
depends on the asset

Dr Richard Kimble, [19.06.19 12:34]
[In reply to Philipp Pieper]
I’m just wondering if say there was a 200 percent increase in Swm in 3 weeks time, and lots of issuers had to put a lot more Swm into their stake - I could see that causing customer dissatisfaction

Chris E, [19.06.19 12:35]
the way i read the ballot it proposes that watermark be something the council could *consider* for the future, correct? not something being decided now, as its clearly a complex item

Shaun C, [19.06.19 12:35]
[In reply to Philipp Pieper]
so they add to their stake daily if NAV price increases?

Philipp Pieper, [19.06.19 12:35]
[In reply to Thorfried]
Different ways. 1/ you can either buy back your security tokens once they are traded (similar to a stock buy back on the regular public markets), 2/ the issuers takes the funds to be distributed, converts them into those asset classes received and sends them to the verified wallets from it's holders.

Sam Stone, [19.06.19 12:35]
[In reply to Dr Richard Kimble]
You mean "decrease" here?

Dr Richard Kimble, [19.06.19 12:36]
[In reply to Sam Stone]
Yes sorry

Philipp Pieper, [19.06.19 12:36]
Yes, that can very well be. Or they have a pre calculated increase per year and know they need to provide that, so might as well already purchase for the entire year, as projected.

Thorfried, [19.06.19 12:36]
[In reply to Philipp Pieper]
Thank you

Philipp Pieper, [19.06.19 12:37]
[In reply to Chris E]
Correct. Lot's of details conceptually and technically to be figured out.

Dr Richard Kimble, [19.06.19 12:37]
So maybe we could have a recommended Swm reserve rate card for a reference of adequate reserve in these measures?

Sam Stone, [19.06.19 12:38]
[In reply to Philipp Pieper]
Definitely a good challenge for the product team if it passes. 🤣

Philipp Pieper, [19.06.19 12:38]
[In reply to Dr Richard Kimble]
Yes, that is a risk. But the certainty that there is a big group of vested participants that would be required to do that, might not make the token as volatile.

Shaun C, [19.06.19 12:38]
does this only apply to NAV increase?

Dr Richard Kimble, [19.06.19 12:39]
[In reply to Philipp Pieper]
Yeah but then there’s the correlation of overall crypto and Bitcoin as another volatility vector

Philipp Pieper, [19.06.19 12:39]
Staking = NAV * staking % / SWM price. So NAV and price both would have an effect.

Philipp Pieper, [19.06.19 12:40]
[In reply to Dr Richard Kimble]
sure, but we might all together see infrastructure like Swarm become completely independent and uncorrelated.

Shaun C, [19.06.19 12:40]
[In reply to Philipp Pieper]
actually meant to ask, what if NAV decreases? they can sell stake?

Philipp Pieper, [19.06.19 12:41]
For sure, they are then not have as much value replicated on the network. The same applies when they burn/terminate some of their tokens.

Brent, [19.06.19 12:42]
I was going to ask about fees considered for the use of MAP by a third party or will it be free to facilitate but i will leave that for another day 😂

Philipp Pieper, [19.06.19 12:42]
Very exciting question!

Brent, [19.06.19 12:43]
I have had several people ask me and i could not give a reply

Shaun C, [19.06.19 12:43]
I was also wondering, who keeps track of all NAV, the issuers or some type of Swarm model?

Philipp Pieper, [19.06.19 12:43]
We are looking forward starting step-by-step. Let's get the masternodes rolled out and iterate on the functionality. But we have fees between providers adn issuers firmly in our view.

Ed, [19.06.19 12:44]
What about the original idea of MDF for masternodes?

Philipp Pieper, [19.06.19 12:44]
[In reply to Shaun C]
The issuer has an obligation to report NAV. That's the benefit of focusing on regulated assets. It's sort of like a guidance for the market, like we see with financials in the public markets.

Brent, [19.06.19 12:45]
[In reply to Ed]

Philipp Pieper, [19.06.19 12:45]
This will be stored on the KYA portion on the Masternodes.

Shaun C, [19.06.19 12:46]
[In reply to Philipp Pieper]
ok, so is this public? or viewed only by Masternode operators

Philipp Pieper, [19.06.19 12:46]
[In reply to Ed]
It's a tricky one, more from a regulatory perspective than anything else. Actually, with @HoneyBadgerX we've had several considerations that could make it feasible. Certainly the SNC is a fundamental start to be able to move in that direction.

corn, [19.06.19 12:47]
[In reply to Philipp Pieper]
@ozxander are you around :)

Shaun C, [19.06.19 12:47]
[In reply to Philipp Pieper]

ozxander, [19.06.19 12:47]
[In reply to corn]
Yes I am

Philipp Pieper, [19.06.19 12:47]
[In reply to Shaun C]
Public. Lets face it, assets on the blockchain are more akin to being public-ish assets. That's why we've never been fans of start-up companies trying to tokenize, as it's too much about information asymmetries.

ozxander, [19.06.19 12:47]
Didn't know there will be an AMA with Philipp lol

Philipp Pieper, [19.06.19 12:48]
Hey @ozxander - all good?

Philipp Pieper, [19.06.19 12:48]
Some day you'll have to tell the story of the Leslie Chao picture.

Brent, [19.06.19 12:49]
Will the issuers stake of swarm be made public/transparent after they stake.

Sam Stone, [19.06.19 12:50]
[In reply to Brent]
Yes I definitely think it should.

Philipp Pieper, [19.06.19 12:50]
[In reply to Brent]
Absolutely. @stonysam can give you the details of thinking here.

Shaun C, [19.06.19 12:50]
[In reply to Philipp Pieper]
👍 i am not technical enough to know where to find this info

Zak P., [19.06.19 12:50]
Hi everyone. I sincerely apologize for being so late.

Zak P., [19.06.19 12:50]
It could not be avoided.

Philipp Pieper, [19.06.19 12:50]
[In reply to Shaun C]
That will become more evident along the way.

Zak P., [19.06.19 12:50]
I will be back in a while and will answer any questions.

Brent, [19.06.19 12:51]
[In reply to Zak P.]
And i voted yes for you 😂

Philipp Pieper, [19.06.19 12:51]
[In reply to Zak P.]
All good. Great that you made it.

Chris E, [19.06.19 12:51]
honey badger don't care, honey badger just shows up and runs shit

Philipp Pieper, [19.06.19 12:51]

Zak P., [19.06.19 12:51]
Also I hang around here a lot so feel free to tag me any time.

Zak P., [19.06.19 12:51]
[In reply to Chris E]
Lol. So so so sorry.

Brent, [19.06.19 12:51]
[In reply to Sam Stone]
👍 lets hope we can see indx and soon

Philipp Pieper, [19.06.19 12:52]
[ GIF ]

Shaun C, [19.06.19 12:52]
@PieperCoin i also wanted to note, i like how you wear your hoodie in every interview! West Coast meets Germany!

Sam Stone, [19.06.19 12:52]
[In reply to Brent]
I'm just heading to a call, but just quickly, we'd love to have a dashboard which shows aggregate issuer staking, and also potentially an "STO" explorer type tool which shows the stake of each issuer.

Brent, [19.06.19 12:52]
[In reply to Shaun C]
Who actually verifies that KYA is genuine? And not for example a made up item

Dr Richard Kimble, [19.06.19 12:53]
[In reply to Zak P.]
What’s your opinion on the watermark stake model?

Dr Richard Kimble, [19.06.19 12:53]
[In reply to Sam Stone]
Would be super 👍👍

Philipp Pieper, [19.06.19 12:53]
[In reply to Shaun C]
LOL. Yes, I still try to not accept the formalities of Western European business culture. Just had to buy a new suit - hadn't done that in 15 years

Philipp Pieper, [19.06.19 12:54]
You'll see me wear it at

ozxander, [19.06.19 12:54]
[In reply to Philipp Pieper]
Hey Philipp all good yes :)
Great project you have and I will always support it, my 3 comments are:
1) It would be good to 'activate' the dual rewards system for the nodes (at it is supposed to be) but I understand it is a regulatory challenge. It's just that it is the base of the model so that's what people have been signing for when creating a node.
2) What would be the rewards system for transaction fees for MAP, I guess this point is not really clear either.
3) A lot of people in the community still have some questions/doubts on what is going on with some Swarm wallets that 'dump' a lot of tokens periodically which result to the price going down everytime that the price is going up. A lot of speculations about new STO customers that want to cash out or something like that, and to stop the speculators it would be better to give an official answer.

Philipp Pieper, [19.06.19 12:55]
ad1/ we would love nothing more than that. (we conceptualized it and want to see it happen)

Zak P., [19.06.19 12:56]
Hey everyone. I will scroll through the chat and make remarks.

Philipp Pieper, [19.06.19 12:56]
ad2/ similar to gas on Ethereum; a qualification provider can quote their price of data validation or accessing validated data. issuers (or purchasers) get to pay.

Zak P., [19.06.19 12:56]
But I am here and can answer any questions.

ozxander, [19.06.19 12:57]
[In reply to Philipp Pieper]
I like this actor and I saw one of his show, funny guy :)
I am not even Asian though lol

Dr Richard Kimble, [19.06.19 12:57]
[In reply to Philipp Pieper]

Philipp Pieper, [19.06.19 12:58]
ad3/ I think I did state that a couple of times clearly. We are not part of of any parties that could be doing that.

Philipp Pieper, [19.06.19 12:59]
It's unfortunately out of our control and we all together are the ones that are impacted.

Brent, [19.06.19 13:00]
[In reply to Zak P.]
Have you noticed much change/acceptance leaning towards the sto industry from a legal view in the last 6 months. I am living in Thailand and i have noticed a significant push forward for the industry here in Asia. Is this something swarm willl try to capitalize on?

Philipp Pieper, [19.06.19 13:01]
The frame of the STO / Digital Security story has completely changed to 6 months ago.

Shaun C, [19.06.19 13:01]
[In reply to Philipp Pieper]
how so?

ozxander, [19.06.19 13:01]
[In reply to Philipp Pieper]
Thank you for your answers :)

Philipp Pieper, [19.06.19 13:02]
It's widely accepted in the financial industry that this will become a superior way to do deals, trade assets both at higher efficiency

Shaun C, [19.06.19 13:02]
@PieperCoin yes, thank you for your time!

ozxander, [19.06.19 13:03]
@PieperCoin I also heard that a lot of STOs are coming next year (100 or so) any numbers on how many are lined up for the next few months?

Shaun C, [19.06.19 13:03]
[In reply to Philipp Pieper]
and Swarm is getting noticed by the financial industry?

Philipp Pieper, [19.06.19 13:03]
Timo and I were at one of the largest equity market in the last few weeks and they are expecting (not potentially, but realistically) that 1.200 of their fund customers will tokenize within 24 months....

Shaun C, [19.06.19 13:03]
[In reply to Philipp Pieper]
woah, awesome!

Brent, [19.06.19 13:03]
[In reply to Philipp Pieper]
Wow thats a bold statement

Philipp Pieper, [19.06.19 13:03]
*largest equity market custodians*

Philipp Pieper, [19.06.19 13:04]
Their words, not mine.

Brent, [19.06.19 13:04]
Hurry up bitfinex 😂💰

Dr Richard Kimble, [19.06.19 13:04]
[In reply to Philipp Pieper]
Awsome. Did you get some business cards? 😀😉

Shaun C, [19.06.19 13:04]
so we are in for a ride!

Shaun C, [19.06.19 13:04]
[In reply to Dr Richard Kimble]

Philipp Pieper, [19.06.19 13:05]
[In reply to Dr Richard Kimble]
We were at that meeting for a reason.

Flashlightman, [19.06.19 13:05]

Zak P., [19.06.19 13:05]
[In reply to Brent]
My perspective is that yes, this is happening. Though I don't focus on securities regulation in my day job, I am in an industry that is trying to figure out how to serve this space. I think the fact that major players/firms are trying to figure this out is a godo sign. And whatever you want to say about Libra - that could start the avalanche. You kind of have a whos who saying this space is legitmate. And those whos who folks have a lot of lobbyists on the payroll. This I know for a fact as some of them are my clients.

Philipp Pieper, [19.06.19 13:05]
Hey, everyone. It's been fun! Thanks for showing up. And do go vote!
submitted by ubk_mirage to swarm [link] [comments]

Novi: The Last Unit of Currency. (Transition to a world without money.)

Novi: the last unit of currency. Gershwynn Jay
What I am about to propose is a work of science fiction. Soft science, since it deals with psychology and human nature. It is PsyFi. The hardest thing to change is the human mind, and in this piece, the assumption is that the minds have already been changed.
My aim, and I am not entirely alone, is to end money. I know, it sounds impossible, and that is the task to which I have delegated myself for some time now: how to make it seem possible. I feel I’ve achieved a certain level of confidence in the steps I am about to present, except the last one.
The Steps.
Step 1-
The first step is to create a global currency to replace all others; to end conversion rates, and to end cash transactions and crimes. It could well be the Dollar since it is basically a global currency, but it would be completely digital (no more Benjamins). Or it could be a form of cryptocurrency which I call the Novi (noh-vee), which is Latin for “new”. I like Novi simply because it is something new and different from what we already have, and it will have the connotation of change for the better. With little work, it could be a decentralized exchange much like is used for Bitcoin. This would of course absorb all other currencies, including Bitcoin, at their current market value, for the sake of transition. I have not called it a ‘bank’ because of the practical connotations associated therewith, but it would be a virtual vault for our transitional currency.
Once the shift is made, all transactions are transparent but protected. This means everyone can see where the money is at all times, but can’t steal it. (This means numbers pertaining to transactions and balances, not necessarily itemized receipts of purchases.) At this time, fair and global prices are set for all things, especially basic necessities. Rice and beans cost the same around the globe.
Upon birth, every person is given an account using their name, region and timezone code, and their numerical date of birth in the Day/Month/Year format. (Surely, a more advanced, yet easy to remember method will be thought up by some genius redditor or something.)
Step 2-
The second step is to tax personal wealth above 5 million a year at 100%. No one needs more than that. No one needs even that much, but for the sake of transition, it’s a tax on the super-wealthy. The 1%. Yes, this means the end of billionaires, the end of the 1%. That money will be used in all subsequent steps until it’s ultimate deletion. Anyone under the 5 million will not be taxed a cent.
Corporations will continue to operate under the umbrella of sustainability and also of automation and demonetization. Essentially, no more greed or acting in the name of profiteering. Companies can still make ‘profits’ so the ‘profits’ can be put back into the company for research and innovation, but the leaders at the top will not be super rich, and those leaders or CEOs will also be expected to be good people who have the interests of humanity in mind. Examples of leaders whom I personally see as good (within the confines of the current economic system) are those who are part of the Giving Pledge program (Bill and Melinda Gates, Warren Buffet, etc.), plus Elon Musk, Sundar Pichai (CEO of Google), and surely many more.
Step 3-
We use the insane and arbitrary amounts of Novi on hand to immediately end world hunger and poverty around the world. The amount of money which will be available is unheard of. (If I’m being totally realistic, this whole process is pointless and arbitrary in itself since we could simply ‘create’ all the money we need until we reach the goal of a moneyless, or resource-based economy (RBE). But I digress. Maybe this is just easier to swallow.)
Using modern distribution algorithms and logistical infrastructures, we could easily deliver a surplus of food and water to everyone on Earth. Basic things at first, of course. Over time, we would accelerate the arrival of every ‘nation’ on the planet to ‘First World’ status, just to keep everyone on an equal footing moving forward. Likewise, using automated systems such as 3D-printed homes, we can give everyone proper shelter as needed. Then, as we move forward in this endeavour and technology advances even further, more and more people will be living in sustainable, modern, and cool 3D-printed homes.
Alongside this comes the temporary implementation of Universal Basic Income, for those who need it as these steps are put into practice.
Step 4-
The remaining money will be used to continue the already begun work of building an automated infrastructure. If we can stop worrying about “the loss of jobs”, we can make strides in automation innovation. We’re already pretty far along with driverless cars and totally automated warehouses and GPS-guided tractors, and from where I sit, the few things keeping the reservoir of singularity from gushing forth its binary flood include the floodgates of governmental regulation, the unfounded fears of many people, and the dam funding. Having conceivably moved past this roadblock, true automation in all industries can move swiftly.
As a part of this goal, the creation of what I call “Eu-novation” competitions will keep the motivation high. These friendly competitions will focus on the creation of new and friendly technologies for the well-being of the Earth. While current similar competitions all over the world offer cash prizes or scholarships or the promise of funding for future projects, their central appeal is money. With money no longer a concern, I know the natural competitive spirit between the elite nerds in all fields will still drive us forward.
ONE, “Look what we made, and it does this really great thing.”
ZERO, “Oh, yeah, that’s nice, but look at this! It’s even better!”
ONE, “How did you do that?”
ZERO, “Let me show you…”
Simply put, I trust in the goodness and natural curiosity of our brightest minds. They will not stop wanting to make things better. The end goal is to eliminate all ‘jobs’, and I may concede that there are things which a robot cannot do, but the field of robotics is still young. For now, the aim will be to determine how much we can automate and determine which human industries are absolutely necessary in the present, and which ones only exist to give people ‘jobs’. For example: cashiers - no longer necessary. Plumbers - probably still necessary for a while; and even in my own estimation, plumbing will not be a job in the future, but basic plumbing needs will be done by each of us on an individual basis. Think about it, we won’t have a job taking up all our time, so we can give a little bit of ourselves to home maintenance.
Step 5 -
This step involves the overnight deletion of insurance companies forever. Insurance is such a racket, and it only exists due to our fears of losing even more money due to outstanding circumstances or accidents. This will no longer be the case. In terms of insurance on material goods and possessions, this makes sense as money becomes obsolete, and I only distinguish it from health insurance specifically because that is mainly a United States thing. The healthcare system in this country is so screwed up, it’s unbelievable. I literally can’t stand it, and it needs to go away. And it will go away...overnight. BAM! Just like that, healthcare will cost nothing, as it will be initially paid by the tax on the wealthy. Once the profit cycle is out of the picture, the cost of healthcare will decrease to a level equal to the rest of the world, and then globally shrink to nothing. The question you have is, “Who will be the doctors and surgeons when there is no money?” The answer is simple: the good people who want to be doctors and help their fellow humans.
Step 6-
Implement sustainable living protocols to end our destruction of the planet. End deforestation and contamination of water. End the use of fossil fuels ASAP. (Am I the only one who thinks that, even now, oil should be a free global commodity like water and air? I find it completely absurd that the surface geography of the planet, along with political boundaries, gives ownership of the oil beneath to the people directly above.) At any rate, humans are already hard at work on this task, which is supremely great news, but the efforts will be redoubled and retripled once greed and capitalism are out the window. Solar technology is advancing at a rapid pace, and the use of low energy products will make sustainable living possible. I will not sit here and say all these problems are worked out yet, especially in the energy storage (battery) discussion, but advances are being made.
I, for one, envision a poetic return to times past when the living was done in the daytime. The sun provides us light and energy during our waking hours, our useful hours, and when it gets dark, all non-essential gadgets go away, much like in the days before the proliferation of electricity. This would immensely reduce our dependence on huge batteries needing to be charged all day to run all our unnecessary crap at night. Yes, maybe an LED light here and there to read a book or to make a meal, but maybe we can adapt away from such energy-hungry lifestyles. (Ironic fact: I am typing this on a computer at night.)
Step 7 -
The next step involves a modern approach to education, population control, and the hyperbolic rise of creativity. Education will be based on the model “from each according to their abilities”. This means, as Einstein pointed out so long ago, that we will no longer judge fish by their abilities to climb trees. Each of us is unique. Each of us has so much to offer. Each human brain and body is a super powerful processor, but we are all programmed differently.
First of all, we must allow children to be children. This arms race to make every child an academic genius plus a top notch athlete plus a prodigious musician plus a renowned humanitarian is nothing short of madness. Sure, I understand the current reason for it: currency. We want the children to be the best so they will be easily successful and therefore have sufficient money and a secure life. Blah blah blah. This will no longer be an issue. We can give kids time to play and learn in their own way, then we can spot their natural talents and allow them to focus on the ones they like best and the ones most beneficial to society.
The sorting method will remain basically unchanged: only the best of the best will make their way to the top, but the difference is so many more people will have the chance to show their talents. No longer will robotics teams from ‘third world’ countries be considered underdogs (there will be no political countries anyway). No longer will creative geniuses wear away in monotonous factories.
Without money and with mostly eliminated human jobs, people will have at least 100% more time to explore their creativity. I say 100% based on the model of 8 hours of work, 8 of leisure, and 8 of sleep. I know this is way off the actual numbers, but to my point, most people work way more than 8 hours per day and sleep way less, so their gain in leisure will be even greater. More important than the physical relief from work, the mental relief from worrying and stressing about money all the time, day after day after day, will be incalculably beneficial to the state of mind. Think of it: the freedom from financial pressure forever. This alone will create an unimaginable spike in creativity and mindfulness. I can’t wait to see what comes from it. Even now, we live in the golden age of television, and I would include film, but most films today are repackaged money-makers. We live in a super-connected time when anyone can break through and be seen and heard, and to elevate that on a exponential scale will be something wonderful. “I may not live to see the glory, but I will gladly join the fight.”
Education will not only change our life paths, or ‘career paths’, it will also greatly help control the global population. We can and will transcend outdated cultural roadblocks which keep people from behaving in a responsible and informed manner. It’s that simple. Reproductive health and education will help to plateau and perhaps even reduce the population, and we can avoid the chaos toward which we are headed at this very moment, if this growth is left unchecked.
Step 8-
This step is where it gets tricky, as if it wasn’t already. In this step, we seek to end terrorism. Hopefully, even those with violent hatred and the desire to harm and kill will see the great things which are being done around the world and realize there is no need for radical extremism of any kind. Many will say that terrorists are religious idealists and they don’t care about money, but I don’t think that’s totally true. Money is definitely a huge factor, but a large issue is the ideological education given to the youths of these terrorist groups. They are ‘radicalized’ at a young age, but it’s no different than all other radicalized teachings throughout history. We simply change the philosophy, and the way to do that is open communication: i.e. the internet.
The end of terrorism must be achieved so we can then eradicate and erase all political boundaries. We must realize that we are all equal humans on this planet, and while we have different cultures, they shouldn’t keep us from traveling freely around the globe and enjoying the Earth and each other in a natural and peaceful way. Like the winds which flow freely across the land; so, too, will humans come and go without political barriers to stop them.
Step 9-
Embrace the changes. We have to understand that everything will change. I don’t know how much will remain similar to what is now, but many things will take on a totally new form as our future is shaped by this necessary evolution. As we reach ‘singularity’, or near autonomy, jobs will be mostly depleted, a UBI will be in full effect and soon followed by a full RBE, and that is going to make things happen which even I can’t predict. Celebrities may continue to exist, but they won’t be more wealthy than anybody else. Athletes, musicians, actors, etc. will have a different feel. Suburbia will perhaps cease to exist, as the ‘American dream’ goes out the window. Retirement will mean something different, if anything at all. I, personally, envision a future in which self-driving RVs replace the common home, and people live to travel and move about the planet at their own pace, stopping at shared rest homes to enjoy that particular area; and then moving on to the next stop. Leisure will be redefined, as will scientific study and creativity. Prisons will not be prisons, as crimes will almost entirely disappear. The quest to conquer space will seem more real than it ever has, and our fears about what lies ahead will change from images of destruction and apocalypse to something which I can’t even imagine, perhaps a severe new existential crisis will emerge as we wonder what our purpose is. I don’t know. I really don’t, but my biggest dream is to reach that point when we don’t know what’s going to happen next, but we are there because of how good things are. Oh, and at all costs, we must avoid the eerily possible future as depicted in the movie “Wall-E”. I would accept something more like “Surrogates” starring Bruce Willis, but not as dark.
Step Zero-
I call this Step Zero because this really is the first thing that needs to happen before any of the other steps on the list can take place.
We, all of us, all humans all around the world, must come together and agree that a great change needs to take place. Not a revolution, but a renovation. A renovation of cooperation and siblinghood and amicability and purpose. We are divided by the stupidest things (their importance lacking in so many ways), and yet we hold steadfast to these old ideals which we let guide us into division, seclusion, and demonstrable hatred.
We need to work together, to cooperate, in the way we do when natural disasters take place. There is no blame when a hurricane blows through; we immediately say “Yes, and…” we help each other in any way we can without question. We need to realize that the world is in a total natural disaster right now, and we need to make fast our hands to one another and feel the human spirit flow through us as we begin to rebuild.
We are all siblings. We are all of the same species, and we need to act like it. Simple as that. Hatred may be taught, but it is also generational, which means that in twenty years or so, we can have a whole new perspective, if we don’t pass on our most negative aspects to the new generation.
We can all be friends. Money divides us. Greed corrupts us. We get rid of those, and there will be very little to fight over. A few folks pop up here and there with mental issues which can’t be helped, but most of the vitriol and viciousness we see today is man-made (I guess that would include some mental issues, as well), and almost all of it centered around money. The beautiful thing about humans is we have a natural tendency to be nice to each other, so we need to use that and make it a practice to see the positive in others.
We need to find our purpose. Our individual purpose, yes, but we also need to find our purpose as a people. We need to renew our mission statement, if we ever really had one. Our purpose is definitely NOT to be born and work all our lives for a little bit of money to then get old and broken and then die. It shouldn’t be a matter of luck or unbelievable chance that one or two of us here and there ‘make it’ and reach a ‘higher level’ and then can have an easy life. When this happens, it is money that divides us even more because those who ‘make it’ feel they’ve earned it, and they want those below them to know that to really appreciate this higher level, they have to break their backs to reach it, as well.
This is just nonsense. The cycle must break, and it will, and when we are all together in the same level of freedom from money and we achieve true equality, we can work together to step over the threshold into the new era. But we have to start that process now. We have the ability to do it. We have the technology; all it takes is an app on a smartphone and an initial set of good leaders who can see beyond their political borders and past the ‘interests’ of their own citizens. We can create a virtual, digital town square where everyone can come together, discuss the issues and vote in a comprehensive manner, in real time, while at the same time holding leaders instantly accountable. This is happening already, as we can see on various social media sites. People are seeing the horrors and the injustices taking place, and we are making changes and enforcing accountability by the sheer volume of our voices. This is a great shift in enforcement. We are being heard; we just need to take it to the next step. Let’s take the first step, you know, Step One.
I’ll be the first to admit that this is all a bit rough, even though I’ve been thinking about it for a while, but before a house can be built, there needs to be a set of blueprints, and before the set of blueprints comes the idea for the house. That idea which is hastily sketched out on a napkin before the neurons leave the station and start firing in some other part of the brain.
That’s what this is. This is a quick sketch, a rough draft on a piece of paper, and it will need the input from many, many minds much greater and more erudite than my own. It will need chunks ripped out and details added in, the chronology may change, there may be twenty steps or five steps when all is said and done, but my sincerest hope is that, at the very least, people will read it and not dismiss it. (Actually, if it is dismissed, that would be okay, too. I always remember the words of Ghandi. “First they ignore you, then they laugh at you, then they fight you, then you win.”) I don’t personally want to ‘win’, however; I want all of us to win. I want all of us to win the future.
A note:
While writing this, I went out hiking, as corny as that sounds. I was on a trail on Mount Charleston, headed to Cathedral Rock. I wasn’t a pioneer; the trail was blazed before me, and I thought,
“I’m okay with this. I don’t mind following the footsteps of others; it’s how we got to where we are, but we do have other frontiers to explore. We have explored almost every square centimeter of the Earth, we have seen the blackest depths of the ocean, we have reached our fingertips to the sky and touched the moon!! We have even kissed the rings of Saturn and looked Jupiter in the eye. We have high-def pictures of Uranus; yet we still can’t get along with each other on a basic human level. Pity. But, you know, I’m not that worried about it, for it is only another stepping stone in the evolution of humankind.”
If you’ve read this and have productive criticism, please send me an email at [email protected] yahoo, gmail, or take your pick.
I am Gershwynn Jay.
submitted by GershwynnJay to thevenusproject [link] [comments]

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Buying Watches with Bitcoin – Crypto Playhouse Pays for Rolex in BTC

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