Daily Crypto Nooooooz

[indiamikezulu]

The Biggest Whack-a-Mole Game in History

Two articles about cryptos on the front page of Zero Hedge, and two more ditto on Market Oracle:

Here's one: http://www.marketoracle.co.uk/Article59446.html

Here's another: http://www.zerohedge.com/news/2017-06-22/how-central-banks-intend-fight-cryptocurrencies

And I swapped related emails with a Bloomberg journalist today.

Recall Ghandi: 'First they ignore you. Then they laugh at you. Then they fight you. Then you win.'

So, as Resident Political Guy, let me state the situation: we're likely entering the Then-they-fight-you phase. The talk is now about how they could just shut us down if they wanted to.

Nuh. They can't.

They can try. And they may.

The issue is the difference between cryptos as just another payment mode, and cryptos as an expression of dissatisfaction with the system -- and we're not necessarily talking here about slogan-shouting radicals burning tyres outside City Hall. We're talking about people who just have no remaining respect for governments and banks.

So, no matter what craziness might happen, just keep accumulating cryptos.

There are nearly 200 nations in the world. Cryptos can be temporarily harassed/chased out of a few, but that will only prove to people in other nations just how out of kilter the system is.

If we have the Internet and a wallet, we're in business.

[indiamikezulu]

Good morning, campers. If you can find time, please read/re-read this article:

http://www.coindesk.com/bitcoin-scaling-upgrade-finally-happen-fail/

I want you guys to kick my analysis around. Why? 'Cause I sorta thought that 'SegWit2' was gonna solve Bitcoin's block-size problem (which obviously has great impact on the prices of all other cryptos . . . ). But:

' . . . the idea is controversial. As these nodes reject the blocks, they're effectively pushing them to a different network. It's a controversial idea because, like the above hard fork, it could lead bitcoin to split into two competing cryptocurrencies, both called bitcoin.'

http://www.coindesk.com/bitcoin-scaling-upgrade-finally-happen-fail/


[ And there's this one as well: http://www.coindesk.com/top-secret-bitcoin-scaling-plan-segwit2x-leaves-questions-answers/ ]

[indiamikezulu]

'the necessary success requirements a cryptocurrency will need to excel on in order to become adopted at a mass, mainstream level. Once this happens (which increasingly looks like a matter of "when" not "if"), the resultant price increase of the winning coin(s) will highly likely be geometric and meteoric.

Sadly, the most probable catalyst for this will be a collapse of the current global fiat currency regime -- something that increasingly looks more and more inevitable. This will destroy a staggering amount of the (paper) wealth currently held by today's households.'

[my italics]

http://www.zerohedge.com/news/2017-06-24/understanding-cryptocurrency-boom

[indiamikezulu]

'Blah blah blah blah blah blah with taxpayers on the hook for the bad banks[' debts] blah blah blah . . . '

http://www.zerohedge.com/news/2017-06-25/italy-bails-out-two-failed-banks-17-billion-cost-taxpayers

[indiamikezulu]

Forgive me today, readers. Been out talking to potential adopters. Back at dawn.

[indiamikezulu]

http://www.abc.net.au/news/2017-06-28/ransomware-virus-hits-computer-servers-across-the-globe/8657626

[indiamikezulu]

'The US Federal Reserve has progressed from complacency to delusion.'

http://www.telegraph.co.uk/business/2017/06/28/janet-yellen-courts-fate-trumpeting-end-financial-crises/

Evans-Pritchard is a 'mainstream' journalist. And he's basically calling out the U.S. Fed Reserve. He goes on to say:

' . . . the Institute of International Finance in Washington released figures showing that global debt has reached $217 trillion (£168 trillion).

This is 327pc of world GDP. It is up from 276pc in 2007 – shortly before the western financial system collapsed – and up from 246pc fifteen years ago.'

I'm flabbergasted: how do we account for Yellen's analysis? Is she acting under instruction? Does she just believe?

[indiamikezulu]

' . . . BTC38 . . . "will not list any newly-issued ICO assets" even if it appears they have been classified as legitimate.
"It's one of the principle of BTC38 not to be the first exchange for any cryptocurrency or assets," '

https://cointelegraph.com/news/chinese-exchanges-issue-ico-warnings-amid-death-penalty-panic

Of course, we have no idea who is leaning on whom behind the scenes . . .  But the principle here is [sigh] a reasonable one. At the very least, it favors long-term interests (the exchange developing a reputation for honesty) over short-term interests (making a lot of money from scammy ICOs).

[indiamikezulu]

Kudos to Shakesbeery -- here: https://www.reddit.com/r/groestlcoin/comments/6k9bnj/grs_market_and_valuation/ -- for talking about speed. (Down the page a bit, under the heading 'Speed.')

I've experienced two approaches to problem-solving in crypto communities. One is to discuss the problems, which puts you on the path to a solution. The other is to never mention them -- like the mad uncle in the attic.

And, in an environment in which shouting sociopathic sock puppets hold far too much power, it's hard to blame communities for remaining quiet.

But I'm gonna assume that a community that managed the world's first implementation of seg wit is committed to staying ahead of the curve. Here's today's reading:

'To put ethereum's issues into context, all open blockchains, including bitcoin, have capacity problems . . . '

http://www.coindesk.com/28-billion-challenge-can-ethereum-scale-meet-demand/

[indiamikezulu]

Check the date on this:

http://www.nytimes.com/2010/12/23/business/23prichard.html   2010.

I recall the publication of this article.

Now fast forward to today. There are squabbles about whether cities, states, territories, whatever, can declare bankruptcy. But we're more interested in the debt creation that's involved, because the seizing up of The Debt-Creation Machine will drive cryptos to the moon:

Illinois: finances 'catastrophic'
Connecticut: budget in 'state of emergency'

And oooh! Look what just turned up on CoinTelegraph:

https://cointelegraph.com/news/bitcoin-price-may-surge-as-italian-banks-send-alarm-signals-for-europe

EDIT: And now New Jersey

[indiamikezulu]

Saying, 'Heck, I don't know!' is, I think, a great wisdom. So, what's up with the possibility of Btc HF-ing or SF-ing this month or early next?

Heck, I don't know!!

But we shan't ignore forthcoming events -- particularly with events treading on Ether's toes -- because Btc's fortunes affect our fortunes. Even if you normally a lurker, feel free to post relevant articles.

' . . . a chain split is a more than likely outcome.'

https://themerkle.com/should-you-be-concerned-about-a-bitcoin-chain-split-on-august-1st/

And does anyone use Alcurex? Got any opinions?

[jackielove4u]

I don't use Alcurex.

Im annoyed that coinmarketcap doesnt shows yobtc GRS/CNY pairing on http://coinmarketcap.com/currencies/groestlcoin/#markets
Our biggest volume is there (i believe bittrex and btc100 combined).

[indiamikezulu]

I don't use Alcurex.

Im annoyed that coinmarketcap doesnt shows yobtc GRS/CNY pairing on http://coinmarketcap.com/currencies/groestlcoin/#markets
Our biggest volume is there (i believe bittrex and btc100 combined).

Afternoon, Jackie. Scrappy post today:

One: indeed, coinmarketcap's list of GRS pairs has been scrappy.
Two: still working on My Little Report about our exchanges.
Three: still reading this: https://busy.org/bitcoin/@lexiconical/seg-wit-is-a-trojan-horse-bitcoin-scaling-debate-explained
Four: sigh: (but we gotta understand the politics of this): https://www.cryptocoinsnews.com/china-hiring-blockchain-experts-develop-digital-currency/

[indiamikezulu]

This clarifies some stuff for me:

'Bitcoin's recent huge backlog of unconfirmed transactions was the result of multiple transactions with "many sources," Wouters continued, which added to the Blockchain's bulk.'

'The spam element meanwhile suggests that before Barry Silbert's New York scaling agreement, actors were deliberately slowing the network down with high fees and delays to force a block size increase, the post says.'

https://cointelegraph.com/news/schnorr-signatures-could-hinder-bitcoin-spam-attacks-educator-wouters

[indiamikezulu]

Clumsy Report on Alcurex and some other exchange stuff

Note 1: there's a GRS-ETH pair on Coinexchange, but the (tiny tiny) volume doesn't show on Coinmarketcap.
Note 2: the GRS-UNO pair on Topia is no more.

Note 3: Hmmm . . . Alcurex says, 'Alcurex is a multi-exchange trading platform . . . '
Wow! It is! I placed an order on Alcurex; it executed; then showed up as 'Bittrex' on Alcurex; then I found it on Bittrex's list of GRS trades. Next, got more info in the troll box: if you're trading on Alcurex, you're also trading on Poloniex, BTC-E, and Bittrex.
Note 4: if I am wrong, please correct me: Alcurex's Twitter, Bitcointalk, and Reddit are all dormant. The troll box is too quiet.
Note 5: Got a reply from Support. Have moved coin on and off. 2FA is not mandatory.


Note 6: what's going on here?: http://pricemycoin.com/currencies/groestlcoin/  I see 'Buy GRS with fiat,' but it seems no.

Note 7: https://cointopay.com/ I have an account with these guys, but haven't used their service yet.

Note 8: 'Lonely Highway Delivery Guy': if you are visiting Krypto HQ at Lake Muir, W.A., you can buy meat and beer with GRS.

Finally, here are our two Chinese exchanges: https://www.btc100.com/ and https://www.yobtc.com/trade/index.shtml?coinId=34