CryptoS Report @2140 Blockchain > bitcoin & ethereum ...

Is Blockchain slow for anyone?

I have about a $800 in Bitcoin that's been stuck on Blockchain for 5 hrs. Most of the time it has taken 1hr. In fact, 2 hrs before this stuck transaction, I had a transaction take 30 min.
Edit: I'm new to crypto so I don't know the specifics. To go from Paper to My Wallet on Blockchain, I scanned the QR code, and then I transferred the funds. Once the funds were transferred, I copied the Binance BITCOIN (not bitcoin cash, not ethereum, etc. BITCOIN wallet)'s link and pasted it on my blockchain mobile app. Then I double checked character by character, including case sensitive, the Binance address. Before are unverified and have 0/3 confirmations.
submitted by PurpleGoldBlue to Bitcoin [link] [comments]

A cryptoforker's guide to free money - Part 1 (The holy ymgve script + what and where to exchange)

EDIT: a new version of this guide, multilingual and featuring a wallet checker (input your IP, see what you can fork and how much it is worth) is available at https://cryptodom.org

Hello my lovely forkers!
A while ago I made a post A cryptoforker's guide to free money - Part 2 (Coinomi, Bither, Bitpie, Walleting Services) where I explained how I used a combination of COINOMI and BITPIE (together with DIG WALLETING SERVICES) to get hold of most forked coins - And then how I sold them (main sites used: GATE.IO / BTCTRADE.COM / BIT-Z.COM / EXRATES.ME / COINEX.COM). Please refer to that for the instructions regarding Bither and Coinomi.
QUICK NOTE: If you are a seasoned forker, just look at point 4 and see if your pokem… I mean fork coins collection is complete :-p / If instead you are a total newbie, remember you can just do the “PREPARATION” part and then claim through DIG WALLETING (affiliate link: https://dig.walleting.services/#/aff/o5YP75ALDORdaAbmrJJx NON affiliate link: https://dig.walleting.services/# ) if the process is too hard/long/risky - these guys are reliable and provide a great service, especially for those who have a plethora of transactions and would need to hunt down every last key manually - they have a Reddit, too: you can reach them at Walleting_Services .
BEFORE YOU START: What is a fork? Is it really free money? Imagine you had a bank account at BTCbank and a card for it. Tomorrow BTCbank splits and half of its branches become BTC2bank. Nothing changes for you as a client of BTCbank, however there is something you can now do. You can move your money from your BTCbank account to a new BTCbank account, in practice making the card for your former account useless in the BTNbank branches but… NOT IN THE BTN2bank branches! So you can go there and get the equivalent of what you had in “free” money. Nothing illegal, nothing shady, no bugs or exploits: it’s all there by design. Keeping with the example though, it should be specified that you must have the “card” of your BTCbank, which in this case is a private key. If you have your BTC stored on papehardware wallet or anywhere else where you are in direct control of your private keys, well done! Those keys are your BTCbank card(s). If, on the other hand, you held your money on an exchange (Binance, Bitfinex, Bittrex, you name it), then your only chance is to wait and hope that the exchange decides to support the coin and gives you your share. It’s not impossible but it introduces a middleman. It’s like you are asking your uncle to have an account in his name at BTCbank and there is no guarantee that uncle will go to a new branch of BTNbank2 and use the card trick to get the free money and give it to you, no matter how much you ask him to. He could do it, he could not: it’s uncle’s call.
PREPARATION: First of all, a question: are you after the fork money to exchange it yourself or do you just want to claim it but want someone else to do all the exchange part for you? If you want to squeeze every last bit out of it, get ready to sign up to a few Chinese exchanges! You might as well do this now before you start, otherwise you’ll get stuck at the cashing part. Same goes for the script. No target address, no script. I warned you :) Anyway, here’s the list: • GATE.IOBTCTRADE.IMCOINEX.COMEXRATES.METRADESATOSHI.COMBIT-Z.COM
My personal favourite is GATE.IO, despite the 60 confirmations (up to 14 hours), but they all helped me one way or another, and most importantly they all allow withdrawal (BTCTRADE.IM wanted verification papers, the others didn’t). Also, make sure to have Coinomi, Bither and Bitpie installed on an Android phone.
STEP 1 - THE GOLDEN RULE Just like in the previous post, let me start off by warning everyone: what are you about to do is dangerous. You could lose your bitcoins. Are you scared? You should be, cause the threat is real. Nobody wants to lose 1 BTC to try and claim a few tens/hundreds of dollars, right? So, first and foremost, make sure that you MOVE your coins from wherever they are (ideally, an offline wallet like a ledger or a trezor), and then, once the wallet is empty, feel free to play around with its private keys, that will hopefully show some transferrable balance at the time of the fork.
STEP 2 - GETTING YOUR KEYS - https://iancoleman.io/bip39/
For getting the keys, this is your number one option - with an offline version for paranoid available, no less. Use the seed (those 24 words in the case of ledger, for example) and after the calculation go get your keys in the chart at the end of the page. In case you have segwit addresses or special scenarios (like a wallet with a lot of operations over a long time), getting the keys, or the “right” keys, might take a while. Anyway: let’s look at the first line of the chart. In the first column you will find the address: copy and paste it onto https://blockchain.info/ and press enter to get the transaction history for that given address. Let’s suppose for the sake of this example that our address shows 2 transactions: one inbound for 2 BTC 1 year ago and anther one for the outgoing BTC 5 minutes ago (because before we started this we DID move them out, right?!?). What that means is that at the time of the forkS (in this case we’d get money from most of them) we had 2 BTC on that address. Great, so it’s loaded, and we need its key. Let’s go back to the chart on line one and let’s have a look at the third column: this is our private key. We will use it later to sweep or import in the various method outlined.
STEP 3 - THE SCRIPT - https://github.com/ymgve/bitcoin_fork_claimer
If you have ben around this subreddit long enough you surely read about the script… And spared a tender thought for ymgve who made this possible. Yet, no one really explains properly how to use it. Unfortunately I do not have the time to explain how to get python installed and running on a machine, you will have to figure it out on your own. Same goes for the fact that you might need to write “py” or “python” before the actual “claimer.py (…)” command. Let’s say you somehow get ready to run the script - now you do have a series of examples on the github page, but they are not so easy to understand for the uninitiated. Here is the relevant quote:
In blockchain.info mode it uses the blockchain.info API to query and validate information about the transaction you're spending from. This only works for transferring/claiming coins that existed on the BTC main chain pre-fork. SYNTAX: * claimer.py * EXAMPLE CLAIMING BTG - BITCOIN GOLD: * claimer.py BTG 4adc4(...) 5K2Y(...) 1HKqKTM(...) 1aa5cm(...)*
Let’s have a look at the example and remember what we did before in the “preparation” and “getting your keys” sections. In the former, we signed up at the exchanges so we now have the relevant deposit addresses, right? So let’s say we want to get fork XXX : let’s look for a deposit address of XXX and let’s call it DEPOXXX - Next, (hello, blockchain.info – here’s my wallet address from column one) we’ll look for the transaction ID (TRANSXXX) of the wallet (WALLETXXX) we have the private key of (PRIVATEXXX). We have it all now, so our script will be:
claimer.py XXX TRANSXXX PRIVATEXXX WALLETXXX DEPOXXX
Admittedly, there is a more complicated method for FBTC and also some kind of manual mode to transfer just parts of the sum and set the transaction fees, if you need those, good luck :)
Also, I was contacted by ottoteixeira who reminded me he created a very useful script (I actually used it during my first attempts) - What it does is to create the scripts to run on ymgve's script. A script for the script, right - sounds complicated but it actually makes your life easier once you understood what you are doing. Give it a try: Otto's script - (requires minimal coding skills to edit the file with your own data)
STEP 4 - WHICH EXCHANGE FOR WHAT? SCRIPT/APP CLAIM:
BCH/BTG - Claim with Coinomi, move to Binance
SBTC/BCD - Claim with Coinomi, move to gate.io
CLAM/BTX- Claim with Coinomi, move to bit-z.com
BTP/BTN/BTW/BTF - Claim with Bither and exchange with Bitpie (move them to the bitpie bank once they cleared to be able to trade on the exchange)
B2X - Claim with script straight to exrates.me
BPA- Claim with Bither, no exchange accepting deposits so far
BTW - Claim with Bither, move to btctrade.com
BPA - Claim with Coinomi, no exchange accepting deposits so far
UBTC - Claim with script, send straight to btctrade.com
CDY - Fork of BCH, untested but should work with script straight to bitpie
BTV - Claim with script straight to coinex.com or bit-z.com
OTHERS:
LBTC - Claim with the online wallet (http://lightningbitcoin.io/ ) (download, run, sweep keys) - can be traded through cryptosnake
LCH - Claim with online wallet (https://litecoinca.sh/#download ) (download, run, sweep keys) - can be traded on tradesatoshi.com
BTCP – I haven’t claimed it yet but some people seem to have made it. To keep up with the news, I follow the #bitcoinadrops discord channel, they talk about it and they are hilarious ☺
UPDATE: Can be claimed with Coinomi (only non segwit though, so I can't test at teh moment). Many successful reports of claiming already. First price I've seen was 0.002 - seems low compared to the hype. I was hoping for 0.02 :-p
NO LUCK HERE:
BCK/BTSQ/BTT/WBTC - Claimable through the script apparently, I haven’t tested cause I have no target address
BTH/BCX - I am yet to find an address where to send them to :(
STEP 5 - FINAL NOTE: Oh no! After 2 days of python, apps, furious coin creation and shady Chinese exchanges you are done. Bonanza is over. Not quite! Here is a little reminder of where to find the info you want and need about the forks -
• cryptodom.org - start from here, always
BitcoinAirdropsTrades - end up here if you are the kind of person who wants to pre trade forks the moment the wallet hits Github :)
And that is all, folks :) Feel free to ask me questions if you are stuck or something is not clear, and I will try my best to answer you. If I helped you, feel free to tip your humble fellow forker here—>
•BTC tip jar: 1BEAADXCk3ng2ZRsinHmwVyZQf1Vu9AcDj
•LTC tip jar: LYT1sbotLuUtU5v5r9uEu61xoGpJ1s4aau
Oh and one last thing… I did help 4 people to sell some of their forked coins, two of them from Reddit. They are binsone and whospumpin. A lot of people are helping, I know… camku Playboy_BTC cryptosnake eliteluxurytrades - Personally I used cryptosnake twice and he was fair and square with me: honestly, all these guys can do some coins I do not handle (LBTC / LCH and even BTCP) - but hey, I am still your favourite one cause I showed you how to do it yourselves, no? So if you are being lazy, let me work for you and let’s share your profits at the usual rate of 5% (over 2k) / 10% (less than 2k) commission :-)
submitted by crytposhadow to BitcoinAirdrops [link] [comments]

Scam Projects

Hello!
My name is Kristina Semenova, I am the Head of Investors Relation Department at Platinum, the world’s number one business facilitator.
Our team knows how to start ICO/STO in 2019!
Why are we so sure? Well, our experience speaks for itself:
Platinum.fund
But what is the difference between ico and sto? What is the cornerstone of ICO marketing strategy? You will know this after finishing the UBAI courses!
Here’s just a quick preview of our Short Course lesson.
Real World Examples
Multinational accounting firm Ernst and Young found that $400 million of the $3.7 billion USD raised from ICOs (as of January 22, 2018) had been stolen. That is, up to 10% of all ICO funding is virtually being stolen from investors. Though ICO scams are the most common method of theft in the crypto world, some projects will actually operate for a period of time before disappearing with the money. Like in a Ponzi scheme, an exit scam may be planned for later, sometime after a manipulated pump; or some other time the team believes is most opportune to take the money and run. Giza: Giza marketed itself as a platform within which different cryptocurrencies could be stored securely. But after raising $2.4 million in one month, the team deleted the website and stopped replying to emails. Investors were duped by a very convincing whitepaper, and actors had been hired to appear in photographs promoting the project. No investor funds have ever been recovered. Centra: The SEC put an end to fundraising for the Centra ICO and charged the founders Robert Farkas and Sohrab Sharma with orchestrating a fraudulent ICO after they raised $32 million USD. They were promoting the ability to develop financial products backed by VISA and Mastercard, though it was later found that neither partnership was real. One of the major red flags in the Centra project was the use of celebrity endorsements for publicity, reportedly paying champion boxer Floyd Mayweather a significant sum to promote their project. Who wants to leave their Blockchain investment decisions up to Floyd Mayweather, regardless of his unbelievable skill as a boxer and regardless of his own financial success? He should still not influence where you invest your money!
Ponzi Schemes: Bitconnect: This is the most infamous Ponzi scheme in the history of cryptocurrency, and certainly the most damaging. Bitconnect was a Bitcoin-based project that rose to an all-time high of $463 per token on the back of a fictitious trading bot. The Bitconnect scam operated by paying dividends to users, proportional to the number of tokens they held and the number of referrals they made. The BCC tokens were exchanged for the users’ Bitcoin, and the highly sophisticated and wildly successful trading bot would trade BTC for them and distribute profits as dividends. The value of the dividends offered was approximately 1% of the initial investment per day. In other words, that is approximately 3,780% per year in cumulative gain! The referral system was capitalized upon most heavily by many of the biggest crypto YouTube channels, including CryptoNick and Trevon James, both of whom are now under investigation by the Federal Bureau of Investigation. Shortly after the Bitconnect Token reached its all-time high, they received cease and desist orders from the security regulators of Texas and North Carolina, which caused the owners of the Bitconnect exchange to shut down operations, and the price to plummet.
Davorcoin: Davorcoin was a lending platform very similar to Bitconnect. And Davorcoin was farcically promoted by the same Trevon James crypto Youtuber who promoted Bitconnect, and is currently under investigation by the FBI for promoting Ponzi schemes. The Texas State Securities Board, in likening Davor to Bitconnect, stated that “DavorCoin is telling investors they can earn lucrative profits by investing in a lending program based on a new cryptocurrency known as davorcoin. Investors allegedly purchase davorcoin and then lend it to DavorCoin”. Davorcoin promptly plunged from an all-time high of $180 to very close to zero after a cease and desist order was made against them on the 2nd of February 2018. Useless Ethereum Token: Despite brazenly stating in the name of the project that the token has no use, the UET managed to raise $340,000 in its crowdsale, and saw a significant pump of over 300% on the HitBTC exchange in February of 2018. The scam was an obvious case of pump and dump, with the total trading volume for UET crashing back down to as low as $3 per day, after reaching as high as $350,000 per day during the pump.
It is currently an unfortunate consequence of the decentralized nature of cryptocurrency, but there is a distinct lack of recourse for scammed investors. It is wise to become as well-acquainted with the various indicators of good and bad ICOs as you possibly can. In weighing the factors that will allow you to avoid expensive mistakes, ask yourself in whose favor are the terms of the ICO slanted, yours or the teams? To what extent are you actually likely to profit from this investment? Cryptocurrency is inherently a grey area, whether you are investing in it or not. Investing is another inherently grey area, no matter what the area or object of investing might be. Laws and regulations are not always able to keep up. Trying to define and prove what was or was not a scam is not likely to be as simple as the scammed investor would want it to be. A project can be set up in certain ways to avoid being technically classified or provable as a scam, but the unprepared investor can still be burnt or scammed just as badly. Now we look at more individual indicators that can help you form a valid impression whether or not an ICO or even a fully-fledged exchange-listed coin is a scam or a bona fide investment opportunity.
Common Signposts
Contrasting Scam & Legitimate Projects
Presale Bonus/Token Release If the ICO allots massive bonuses to team members, you may leave yourself open to getting dumped on by presale investors if you buy when the project tokens are listed on an exchange. Likewise, if the project has a short lock-up period for developers and founders, you run the risk of them selling as soon as the token is listed on a major exchange. The token release schedule for the founders of a worthwhile project should show long-term team commitment to that project. The Jibrel Network team tokens will be locked up for 5 years before release, and they had no early investor bonus in the main sale. Both of these factors instilled confidence in the JNT ICO investors, and the tokens were sold out weeks before the ICO was due to end. No Presale lock up If Presale investor tokens are not locked up at all for any period after listing, that could easily be a set up for an exit scam after the initial listing. No presale lockup for early investor tokens is a crystal clear warning, the project may be fatally rigged toward those in the inner circle, with little commitment to the long term health or success of that project.
Unsolicited Offers or Unasked for Additions to Groups Characters running scam projects will often add you to Telegram groups out of the blue or send you unsolicited emails with information about their project. Telegram is the most widely used messaging app in the cryptocurrency community and you should familiarize yourself with it to keep yourself in the loop for specific projects in which you invest as well as all kinds of other relevant crypto info. You can adjust the settings on the Telegram app to disallow anonymous additions to cryptocurrency projects if you find yourself bombarded with offers by scammers. Reputable projects at the ICO stage will spread by word of mouth, or by eloquent and meaningful articles posted on their Medium page. A project with serious potential does not need to actively seek participants for their ICO like that. They will often be able to fill their ICO hard cap in a matter of hours, or even just minutes!
Anonymous Team
Alarm bells, again, immediately, if the project has minimal online presence. The individual team members could be mere fabrications. The entire project could be a farce by utterly inexperienced characters. What if the project leaders are simply unaware of the importance of a strong social media profile? That in itself would be too strange to ignore. Top-level projects will have team members with experience in crypto and the LinkedIn accounts for those members will be easily accessible right there on the project website. You should be able to easily see and evaluate each individual’s experience in their field and ascertain what they bring to the project team. Bitconnect’s anonymous team should have been the only deterrent prospective investors needed to discourage them from putting money into that doomed project. Ethhorse, a current project with anonymous founders and operators should be steered clear of at all costs for the same reasons.
Community Atmosphere
The subreddits or Telegram groups of scam projects will often feature moderators that do not allow any kind of criticism in the group chat. If, in the process of your due diligence, you encounter didactic admins that only wish to silence your questioning of certain aspects of the whitepaper or mechanism of the tokenomics
, you should be concerned. Similarly if you see a coherent critical reply attacked by many different users who refuse to engage the substance of the point being made, that may be a subreddit infested with bots. Projects that have nothing to hide will allow free debate in the chat. Ideally, they hope to develop a positive community that is itself an asset to the long-term success and overall strength of the project. Good projects do not need to automatically brand all criticism as Fear Uncertainty and Doubt (FUD).
Whitepaper
One common tactic of scammers is to produce a whitepaper that uses too many buzzwords, and deliberately obfuscates and overcomplicates the explanation of the problem and/or its solution. A good whitepaper clearly and concisely lays out the problem and answer, as well as provides compelling arguments why a Blockchain solution is preferable to the current solution. Another point of concern is a whitepaper that gives unrealistic time frames and goals. Bitconnect’s almost comically optimistic profit projections are a prime example of this, as are the 1,354% yearly gains promised by Plexcoin. Respectable projects will set out development timescales in terms of quarters or years, rather than offering immediate profit projections, which are simply a red flag.
Advisors/Connections in the Cryptoworld
The most prestigious projects will already have partnerships made before the ICO stage, and the worst ones, i.e. the scams, will not mention any such partnerships. Icon (ICX) for example was spawned from a South Korean project named The Loop, a collaboration between 3 Korean universities and the DAYLIFinancial Group. They boasted an advisory panel consisting of the legendary investor Don Tapscott, Jehan Chu and crowdfunding expert Jason Best. On top of a solid team of advisors, good projects will also be visible at major Blockchain events such as the Consensus, and the World Blockchain Forum, etc. Scam projects will be unable to inspire this same level in confidence. As an investor, you should sense a certain presence and expect a certain feeling of trust that should guide you in your investments. After all, it is actually a people-to-people thing you are doing.
Key Stress points upon the Timeline to Identify Scam Projects Post Whitepaper Release The period in the immediate aftermath of the release of the whitepaper can also be decisive in establishing the validity of a project. How a team copes with the roadmap that they have laid out for themselves is key. Valuable insight into the operational efficiency and commitment to the project can be gleaned from the quality of and amount of code committed to GitHub. If you have any experience in computer programming you can see how clean and orderly the code is, which gives insight into the skill of the developers, and in turn the quality of project leaders’ decision-making in hiring team members. Scam projects will have little or no code committed to GitHub, or at best it will be copied and pasted from other projects just to cover their tracks. Start of ICO Sometimes, a scam project, or other project in which you would be better off not investing, will change the terms of the ICO just before the ICO starts. The Key (TKY) ICO doubled the price of tokens on the day before the ICO was due to take place, because the price of NEO had risen so drastically. Currently, the TKY token price is still only half of its ICO price. Initial investors are faced with the prospect of a 50% loss on their investment.
Exchange Listing
Some particularly greedy scammers will create a scam project with the intent of selling tokens in the ICO for BTC and ETH, and then pumping and dumping their share of the tokens immediately after listing. The team of fraudsters behind Monero Gold used this method after the crowdfunding of their useless ERC-20 token. After listing on CoinExchange.io, the team dumped their tokens until the exchange finally ceased trading. Although it is not uncommon for ICO tokens to sold after listing (just like can happen with shares of stock after an IPO), if the price does not stabilize and massive sell walls are continually placed, a scam is likely taking place and the token is being dumped.
Fake Ethereum Twitter giveaway
You may have noticed Ethereum creator Vitalik Buterin’s twitter handle has been changed to Vitalik “Not giving away Eth” Buterin in recent months. This is because a group of devious scammers had created fake accounts with almost exact replicas of his profile (deviating by only one character). The fake accounts promised to deposit 1 whole ETH for every 0.1 ETH the potential sucker deposited into the wallet address provided by the scammer. These fake account “Ether giveaway” scam tweets were set up to be sent in just a matter of seconds after the real person tweeted, and usually always appear immediately after the tweet of the real public figure. Fake bot profiles then came into play, thanking the fake Vitalik, or fake Elon Musk, for holding up their end of the bargain and depositing the ETH as promised. One scammer, or group of scammers, managed to fill a wallet up with almost $20 thousand worth of ETH, which they transferred out, never to be seen or heard from again.
Effect of Scam Customers, Upon the Affected Parties
Of course, this is no fun for the targeted public figure either. They need to take steps to avoid being targeted again. This will mean changing their handle, their username, or making their accounts private. However, the injured party with whom we are most concerned is the unfortunate scammed social media user, who has no chance whatsoever of getting his or her funds back, ever. It is a harsh lesson to learn. But it is a fact of crypto reality. Nearly every one that trades crypto will at least be exposed to frauds or scams in one way or another. In this case, we think it is better to learn about scams by studying them, rather than learn from your own unfortunate and expensive experience. In the case of Mr. Buterin, these incidents were awful public relations for the Ethereum project. It had only been a few years since cryptocurrency as a whole was primarily associated with criminality and seedy transactions on the Darkweb. Any connection with unscrupulous behavior is best avoided at all costs. Negative associations could have been particularly damaging for Ethereum’s brand because the vast majority of ICO fraud is committed using the ERC-20 token as the template for the scam tokens.
Any and all the scamming or fraudulent behavior in the cryptocurrency ecosystem is bound to have a negative impact on the speed at which mainstream uptake finally takes place. Cryptocurrencies, as an emerging asset class, will be painted in the worst possible light. Crypto is aiming to, and is in fact in the process of, causing great disruption in traditional centralized finance and business. Mainstream media organizations are also part of that traditional centralized economy. Press coverage will be damning. Something is happening here, but Mr. Jones doesn’t know what it is.
Legal Recourse for Scams
We clearly understand, there is a possibility of being scammed. We know the scams are happening. The SEC has made some arrests and actually charged people for operating fraudulent ICOs. But it is a struggle to deal with the flood of ICOs coming from anywhere at any time. The SEC filed charges against two founders of a purported financial services startup for orchestrating a fraudulent ICO that raised more than $32million from thousands of investors. As you know from the ICOs we have covered so far, the lack of regulation allows for direct contact and dealing between the entrepreneurs, business owners and potential investors. While we believe this is a blessing according to the founding principles of Bitcoin and other alternate Cryptocurrencies, because it frees us from traditional roadblocks, middle-men, and all kinds of time-consuming procedures; it also leaves investors in a place where there is often little to no hope of ever recovering funds lost in fraudulent schemes.
Actions after a Successful ICO
Good post-ICO practice is characterized by stringent security, well thought-out legal strategy and clear communication. Many projects have paid the price in damage to their reputation for failing to adequately guard customer information, leaving themselves open to phishing attacks by fraudsters. Investors in the Enigma project had half a million dollars stolen from them; and a whopping $8.4 million was defrauded from investors in Veritaseum via phishing attacks. After a successful token distribution, the team’s main focus is initially on switching the enterprise from one primarily focused on fundraising, to superficially at least, a fully-fledged, functioning business. This involves removing most of the token sale-related content from their main webpage, sending newsletters to all successful ICO participants, and sending refunds to those who may have missed the deadline or the hardcap. Then, with the stressful and complicated fundraising stage finally concluded, a portion of the funds raised can be assigned to fuel the growth of the project community. This can involve hiring community managers, forum admins, and social media managers to outsource the job of keeping investors in the loop. The founders can focus on growth strategy and product development. The cultivation of a thriving and energetic community is extremely important. The community will give you free marketing for your product and your business. Community members who believe in the project, and are engaged by professional moderators, can give you very effective promotion to other prospective investors. Communication with community members is a great way to test ideas and gauge sentiment related to various aspects of your project.
The project leads must set aside adequate funds for lawyers. The project will need to address potential future or imminent problems with regulators, at the very least. The transition from fundraising project to full-fledged business can be incredibly challenging, and even more stressful than the ICO itself. The main thing to remember is that your pre-sale and ICO investors are not just silent investors waiting for a return. They are the early adopters of your solution, of your product; they are the community and promoters of your project; and they are the individuals with a vested interest in the financial success of your venture. The ICO environment is not as heavily regulated, so quarterly and/or semi-annual reporting is not required the way it is in the traditional world. That means your own style of effective communication about the progress and key developments on your project matters even more. In the ICO world, you communicate with your press releases, social media, and Medium posts. You also communicate by the very nature of your relations with your exchange, and relationships with your cornerstone investors. Effective communication and good business relationships can play a prominent role in the success or failure of your venture (by token liquidity and valuation).
If your investors start to lose interest, and stop trading your token on the exchange, liquidity will dry up and cause increasingly volatile price swings. You need to keep certain things in mind, and follow effective practices to maintain a happy and motivated community.
Social Media & Medium
In addition to your website, your social media & Medium blog most likely formed a significant part of your ICO preparations. Your purpose pivots after the ICO from one of promotion to one of communication. Consistent, informative and material Medium blogs, also Facebook and Twitter updates, ensure that investors remain engaged and well-informed of what the company is up to. Frequent activity in this space makes investors feel much more comfortable. You can foster a kind of organic community expansion that is consistently advertising your project to potential new members.
Cornerstone Investors & Exchanges
As we mentioned, your relationship with investors in the ICO world is different from that of the traditional silent IPO minority equity partners. Consistent, Transparent & Honest communication is incredibly important here. Even if an ICO is struggling to overcome a problem or whatever issues are occurring, honest communication from the team is key to business survival. You should think of and treat your exchange like a business partner too, a very important one at that. Exchanges provide liquidity for you and your investors. That liquidity is like the blood for your business. Many top exchanges demand nothing less than absolute honesty and integrity, it is imperative to maintain strong and comfortable relationships with exchanges. Everything we have said so far, also applies to your Telegram channel and forums too. These give you another great opportunity to build a thriving community. Team members and investors can enjoy lively debates in their Telegram channels. This can be constructive discussion, or critical commentary too. But it is always valuable as a direct link between the team and the community. It is always good to know how people are feeling and what they expect from you and your project. You are able to use your Telegram channel and forums to consistently adapt your marketing and communication strategy. Keep your investors as happy and comfortable as possible, and you will be more likely to attract new investors and allocations. Other forums around the internet operate more or less in the same manner as Telegram.
After a successful funding round with the hardcap reached and time to spare, legal counsel has been secured, and the community is flourishing, the team will prepare for their first listing by paying the exchange fee and waiting for the announcement by the exchange. Unless they are willing to pay exorbitant fees for an immediate listing on Binance for example, teams will usually settle for an initial listing on a second-tier exchange. The fee charged by an exchange depends on many different factors that we will cover in more detail in the next section.
ICO Company actions after a Successful ICO
Real World Case Study
The Basic Attention Token (BAT) project, when used in conjunction with the Brave Browser, allows users to pay micro-fees in BAT to their most-used sites. The idea was conceived by Brendan Eich, the inventor of Javascipt and former CEO of Mozilla Firefox. Investors absolutely pounced on it at ICO and the project raised an amazing $35million in under 30 seconds. The BAT/Brave project has delivered on time on nearly all of its targets, helped in no small part by having a working product, the Brave Browser, for over a year before the token launch. The project secured a listing on the premier exchange, Binance, in November 2017.
A project can suffer through a disappointing funding phase and, for example, fail to reach 75% of its hardcap. The team will be only partially funded. Though they may be able to initiate the project, the value proposition of the token has been compromised, potentially forever. The market has spoken. There is limited faith in the team’s ability to complete or carry out their project. Failure to reach a hardcap is a serious obstacle on the project road map. This will mean massive revisions to the timescales for development and listing. Such a project may have to be content listing on decentralized exchanges for a period of time and they will lose any post-ICO hype that could have helped the project price to “moon” early on. There is less money to be allocated. Each section of the business will be underfunded compared to the original plan. There can be delays in code development, exchange listing, marketing and community development as well.
Calling the Tezos ICO a disappointment might seem strange considering they raised over $232million. But this open-source, smart contracts fintech platform became a victim of its own success post-ICO by devolving into multiple class-action lawsuits between the founders and its foundation chairman. They suffered from a distinct lack of clearly defined roles and expectations on key positions. There was infighting at the boardroom level. This all caused an as yet unresolved delay in listing and development. This is also one example why a capped ICO can be more desirable for investors than an uncapped ICO. If the team have a set amount of capital to work with, an amount that isn’t absolutely ridiculous, like in the case of Tezos, perhaps the resultant greed and discord is less likely. Although it may not be so easy for speculative investors to make a profit from an uncapped ICO with such a massive initial market cap, it is a very impressive feat of fundraising nonetheless. Tezos’s post ICO market cap of $232million is already 64th of all projects, and would have to perform brilliantly on listing to maintain this position.
Company actions after a Failed ICO
Failed ICOs can mean either fundraising initiatives that have failed to reach the softcap and will therefore not be economically viable, or fraudulent projects whose sole intention was to steal from investors and do an exit scam. We’ve already covered scams and fraud projects in detail, but what happens when an ICO just fails to raise the requisite funds? Projects that are legitimate, with honest founders and developers, refund the ETH or BTC deposited by investors as quickly as possible if the softcap is not reached. The same process that is followed by ICOs that are oversubscribed is employed by those that have failed to raise enough capital. The process of returning funds back to the sender ideally should take a period of days, but more likely will take a few weeks. The Sappy Network, advised by Dan Tapscott, failed to come anywhere near to their funding goals. They are currently in the process of sending all investor funds back to the wallets from which they came. The statement from the founders read as a textbook example of how you should react to failure with the founder stating “In the spirit of transparency and honesty, we are sharing with the community that we did not reach the soft cap, and thus we will be honoring our terms and conditions and returning the Ethers to all contributors”
Exchange Listing
A bottleneck developed in the ICO market after the explosion of crypto prices in 2017. There was a massive increase of ICO teams on all stages along the pathway from start-up to fully listed crypto asset. Certainly, a huge part of the value proposition for both the token and the project depends on securing a listing on an exchange. It is precisely the liquidity of the token as a valuable asset on a free market exchange, that determines or even defines its value. The liquidity is what makes tokens attractive to investors, but that liquidity simply does not exist without a platform for the exchange. Unfortunately for new projects, the balance of power is heavily weighted in favor of large centralized exchanges that can pick and choose which tokens to list, and the timescale within which listing will occur. Each large exchange has its own list of pros and cons as well as its own specific procedure for coin/token listing. They also have their own particular ethos regarding the type of projects they prefer to list. ERC-20 tokens will be available for trade immediately on decentralized exchanges (IDEX Forkdelta) but those platforms are generally quite low volume, and certainly not a long term solution. Projects must often pay huge fees to be listed on the larger centralized exchanges. At first those fees will be prohibitive. The usual route is to initially list on a more reasonably priced smaller exchange like Kucoin or Gate.io.
Listing Process
Major centralized exchanges have the power to list anything they want, and they also each have a unique structure that projects must adhere to if they wish to be listed. Each potential new listing will undergo a rigorous examination by the exchange operators to test the feasibility for listing the token. An exchange will likely have forms available on its website that you can fill out to give them all the necessary initial information. If a particular project and token qualify for listing, the team will invariably be put under a NDA, Non-Disclosure Agreement, to avoid any insider trading or other regulatory problem
s. In the case of larger exchanges like Binance, there is a period within which owners of a newly listed coin or token can transfer them to the exchange in preparation for trading. This is a fantastic opportunity for traders to make use of the likely pump that occurs after a new token is listed on a large exchange. It is common to see up to 100% increases on the first day of trading, and a subsequent dump of up to 50% or more can follow. This allows traders holding the coin already, to sell for a good profit, and maybe buy back in at a much lower price too, if they think that is a good idea.
Exchange Fees
There are no definitive figures available to the public regarding fees that major exchanges charge new projects to list. Binance, Bitfinex, Kraken and Bittrex have all been quoted as saying that they do not charge any fee at all but this is almost definitely untrue. Knowledgeable industry insiders estimate between $500,000 and $1,000,000 USD for listing on a top-tier exchange. (There have been more rumors of 7 figure exchange listing fees since January 2018 too). This figure will vary greatly from project to project. Various factors can affect how an exchange determines the fee for a particular project. These are some of the most important ones: Market Maker Service Required Whether or not the client project requires liquidity services directly from the exchange, or can connect proprietary ones via API, will lead to a huge reduction in listing cost.
Type of Token (ERC-20 NEP-5 or DAG) Not all tokens are created equal in the listing process. ERC-20 tokens and BTC based tokens have code architecture that will almost certainly be preferred by the exchange. NEO based tokens (NEP-5) such as Ontology will be far most costly to integrate because separate new wallets have to be built to facilitate NEO transactions. The costs involved in integrating Direct Acyclic Graph projects such as Nano into the exchange structure are even worse. Expected Daily Volume Exchanges derive their profits largely from transaction fees and withdrawal fees. The trading volume a new token is likely to bring in will have a great influence on the computation of the exchange listing fee. Exchange Listing Procedures Evaluation Different exchanges have different rules for new listings. A new project must of course abide by specific rules for that exchange before they are allowed to list there. There are procedures that must generally be followed for the most noteworthy exchanges. You can get a good idea of the hurdles to be overcome before listing can take place.
Ongoing relationship with Exchanges
Exchanges, usually Huobi or Kucoin, will sometimes make it essential for newly listed tokens to engage in “trading competitions” after listing. Competitions can last between 2 weeks, or a month or more, aiming to increase the trading volume for that token, thereby increasing trading fees collected by the exchange, and giving the project extra publicity too. The whales may have made a nice profit already and be very happy about it; but the project token can still get stuck in a long period of stagnation and a loss of post-ICO hype. Once a coin or token has been successfully registered for trading on a particular exchange, the project must focus on maintaining regulatory compliance and paying things like annual maintenance fees too. Exchanges can investigate and delist coins or tokens to see if they have fallen below a certain standard set by the exchange. The exchange is concerned about such things as: an extended period with an extremely low volume; a team member connection to an exit scam; or other such immoral/illegal behavior.
Post ICO Company Evaluation
After a presumably successful ICO, the necessary funds have been obtained, and the real business, the real team challenge is now, to bring the project to life as a bona fide disruptive Blockchain endeavor! The core advantage of the ICO method of funding business startups is the lack of regulatory hurdles to navigate with regards to fundraising and fund allocation. The funds that have been raised have, in effect, been freely given to the project leads to do with what they will in a no-strings-attached transaction. Of course, there are still strings attached in that the team are tasked with making that money grow for the investors. But there is no regulatory oversight of the process. The regulatory freedom is a double edge sword. It gives a good team freedom to work however they want; and it also allows for unscrupulous thieves to use the ICO process to defraud investors of their ETH and BTC.
Advantages of being Post ICO From Investor Perspective
You should have little to fear in terms of fraud from a project in which you have invested, if you have done your due diligence correctly. You can expect the tokens to be distributed, and the exchange listing to take place as expected. And you know your project is totally legitimate. There are different ways to think about your ICO tokens after the crowd sale has concluded. If you are a speculative investor looking for a quick flip, you can gauge the correct moment and sell anytime you like, assuming the ICO has been well-received by the markets.
From Team Perspective
The post-ICO period is, from the point of view of the team, a period where stress and responsibility for the safety of investor funds is passed, in the form of ICO tokens, from the team to the investors themselves. This responsibility for tokens is replaced with the stress of building the actual company itself, and succeeding in the business as planned. A small portion of the responsibility for the project’s success is also passed on to the exchange that has listed the tokens. This is especially true if market makers have been employed by the team or the exchange to provide liquidity. After the ICO has concluded, all funds are released to the project team immediately, so they can start building their business brand, and tackling each step on the road map right away. The freedom with which startups can operate is one of the main reasons behind the explosion in Blockchain businesses in 2017. With the ICO funds safe, and money being put to work on various areas essential to the growth of the project, and the tokens already distributed to investors, the risk of fraud is greatly diminished. If KYC and Anti-money Laundering procedures have been followed correctly during the ICO phase, the risk of phishing attacks and theft will also be marginal now. At any rate, with tokens safely delivered to all participants, the responsibility has passed from the team to the investor.
From Team Perspective
The release of all funds and the freedom to allocate them with no supervision, as cited above, is certainly a tremendous advantage empowering the team to fulfil the entire breadth of their vision unimpeded. But it does have its drawbacks. If there is a mistake made in the allocation of funds, or an unforeseen problem arises, there is nowhere to turn to, and no means of generating further money via crowdfunding. The ICO is over; it is finished. The project simply has to work with what it has. Your community can sometimes turn against you when the market is going down. Times like that just add to the already intense pressure of presiding over a startup Blockchain business.
Solution: DAICO
The DAICO, or Decentralized Autonomous Organization Initial Coin Offering, is a means to integrate a more specific, rigorous and regimented smart contract schedule into the ICO process. Doing so will eliminate fraudulent ICOs, exit scams, pump and dumps, and many of the other disadvantages listed above. The DAICO method, proposed by Ethereum creator, Vitalik Buterin, will merge the core concepts of both an ICO and a DAO to leverage the most relevant features of both, in order to solve the main problems in the ICO method. For example, to eliminate the risk of an exit scam, the release of funds will be spread out over a period of time, with the next allotment only being released when a certain set of parameters are met.
Buterin explains that the DAICO method will provide user protection in a manner not present in the current ICO model, ensuring funds are not misspent or used in any way contrary to the intention of investors. In simpler terms the DAICO will operate as follows: The DAICO will start with a smart contract by its executors that can set whether this is to be a capped or uncapped round of fundraising (amongst many other options) as well as including KYC requirements. After these settings have been configured, the DAICO is set into “contribution mode” and presented to the public. This stage will function identically to a normal ICO with ETH exchanged for project tokens. Once the funding period has elapsed, or the hardcap has been met, investors will have the ability to set the “tap” for the collected funds. This will set the amount per second, or amount per minute, that will be available to the executor to develop that specific portion of the project to which those funds have been assigned. If investors believe at any point that the team is misspending funds or otherwise wasting time, etc., the investors have significant options to take. Of course they could choose to release more funds to the team. But, they could also stop the tap altogether, and stop the entire ICO, by voting, and actually release all unused funds back to their own wallets from which the investment had first been made!
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Subreddit Stats: Buttcoin top posts from 2014-02-28 to 2019-01-15 01:31 PDT

Period: 1781.72 days
Submissions Comments
Total 1000 66504
Rate (per day) 0.56 37.31
Unique Redditors 546 7216
Combined Score 190256 613696

Top Submitters' Top Submissions

  1. 4165 points, 23 submissions: Tomatoshi
    1. Cryptocurrency Euthanasia Coaster (489 points, 127 comments)
    2. Mark Karpeles states Bitcoin has failed and is useless. (273 points, 95 comments)
    3. Vergin comedy gold leaks ahead of announcement (241 points, 159 comments)
    4. Incredibly "organic" pump minutes before Tether prints $300 million (237 points, 82 comments)
    5. In today's Creepto News : McAfee's Underground King of ICO analysts apparently a pedo (230 points, 99 comments)
    6. Dying Butter attempts to dox imaginary assassin. Gives him an imaginary name and non-existent address. (215 points, 70 comments)
    7. Back under 8K. Shall I get rid of my fiat? (210 points, 86 comments)
    8. President Maduro's computer hacked. Exit scam image discovered. (205 points, 12 comments)
    9. Come all ye faithful and get rekt margin trading (185 points, 59 comments)
    10. Lightning Network upgraded - super efficient diagram of super efficient payment channels running on top of super efficient blockchain (183 points, 73 comments)
  2. 2691 points, 10 submissions: Orbalisks
    1. Debating Bitcoin (747 points, 114 comments)
    2. 1 Bitcoin transaction uses over four times as much energy as 100,000 VISA transactions (492 points, 150 comments)
    3. Remember that model that the Bitcoin crowd constantly mocked? Turns out it was pretty much spot on... (346 points, 90 comments)
    4. MRW I see butters describing how they lost 40% on Verge so they went all in on Tron but lost another 30% so they went back to Bitcoin but are down 25% (216 points, 38 comments)
    5. The Parable of the Bagholder (201 points, 14 comments)
    6. Then they came for me (161 points, 18 comments)
    7. First. Global. Currency. (148 points, 55 comments)
    8. Verge creator desperately (and unsuccessfully) trying to cash out into USD on Coinbase; notes that "taxes are due"--an observation that conspicuously coincides with Verge's enigmatic crowdfunding campaign (143 points, 34 comments)
    9. Butter shares comical chart suggesting that Bitcoin is destined for 100% adoption, despite the fact that the chart both misrepresents how long Bitcoin has been around for and already shows that it is not being adopted as quickly as other technologies (120 points, 76 comments)
    10. First you pump, then you dump (117 points, 25 comments)
  3. 2556 points, 15 submissions: dgerard
    1. The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice (306 points, 212 comments)
    2. "Attack of the 50 Foot Blockchain" is OUT NOW! (284 points, 98 comments)
    3. Reuters on OTC markets: "Less romantically, traders sometimes say 'butt' to mean bitcoin." we did it lads, be proud (268 points, 17 comments)
    4. How does Brave's "Basic Attention Token" work? By blatant fraud, of course! Twitter thread from one creator whose name and photo Brave is misusing (192 points, 173 comments)
    5. bullish on USD. it is clear USD is increasingly popular with past hodlers of the deprecated bit-Coin. USD has gone up hugely in just the past day against the b.t.C!! in the future it is posible with enough imagination that the US economy could run on USD ! in conclusion you should get into currency (186 points, 26 comments)
    6. Twitter thread of Bitcoin price predictions (164 points, 30 comments)
    7. "Kodak board members conveniently grant themselves shares the day before the announcement, a stock promoter with a checkered past is engaged for PR, and a group of German copyright trolls reinvent themselves as blockchain-enabled image platform managers." A scathing hedge-fund report on KodakCoin. (157 points, 44 comments)
    8. MERL Tech: Blockchain for International Development. "We documented 43 blockchain use-cases ... no documentation or evidence of the results blockchain was purported to have achieved in these claims ... Not one was willing to share data on program results." (143 points, 44 comments)
    9. Bitcoin’s stupendous power waste is green, apparently — bad excuses for Proof-of-Work [by me] (133 points, 112 comments)
    10. Bitcoin continues to be awesome for renewable energy! - "Bitcoin backlash as ‘miners’ suck up electricity, stress power grids in Central Washington" (130 points, 39 comments)
  4. 2541 points, 10 submissions: borderpatrol
    1. Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs (1269 points, 553 comments)
    2. Stop with the political and racist garbage (177 points, 119 comments)
    3. To the person who reports every single chart posted in this sub as "not a fucking log chart" (167 points, 40 comments)
    4. WE DID IT REDDIT! (166 points, 55 comments)
    5. Someone finally said "Buttcoin". And it's William Shatner (156 points, 39 comments)
    6. My new Bitcoin commercial idea. (140 points, 21 comments)
    7. Let's welcome /Buttcoin's newest honorary member of the mod/shill team, Peter Todd! (125 points, 54 comments)
    8. Satoshi Nakamoto is an anagram of "So a man took a shit." (118 points, 16 comments)
    9. Guess which convicted felon just fucked over another Bitcoin business? (112 points, 31 comments)
    10. You guys are the best (111 points, 81 comments)
  5. 2509 points, 12 submissions: JihanButt
    1. Hot (404 points, 19 comments)
    2. Made me check (and kek) (398 points, 49 comments)
    3. Mass adoption is here (257 points, 60 comments)
    4. New record for the fastest exit scam in human history (245 points, 23 comments)
    5. Meanwhile on 4chan bizbutt (210 points, 88 comments)
    6. TIL: Binance can exit scam at any given time and no one would be able to locate CZ or the Binance offices. Not even MtGOX was this shady. (200 points, 65 comments)
    7. Quality (172 points, 53 comments)
    8. Normies are shorting (137 points, 44 comments)
    9. CEO (lol) of shitcoin Titanium BUTT, high on cocaine during AMA (136 points, 16 comments)
    10. It begins... The biggest transfer of comedy gold in human history (122 points, 17 comments)
  6. 2470 points, 12 submissions: unitedstatian
    1. I can't tell why but this ICO doesn't look trustworthy to me (369 points, 47 comments)
    2. Cryptocurrency (332 points, 26 comments)
    3. Has crypto become a giant joke? (311 points, 60 comments)
    4. A Buttcoiner going shopping (248 points, 37 comments)
    5. There is only a 1% chance of successfully routing a $67 payment on the lightning network (229 points, 71 comments)
    6. Comedy gold over at bitcoin (179 points, 54 comments)
    7. The Four Commandments (148 points, 65 comments)
    8. Behold LN in it's full glory as two users fail to send a meager 100 Sats through a high liquidity hub (Bitrefill) due to poor route computation. (146 points, 76 comments)
    9. Jimmy Song giving advice on how to use Bitcoin as a method of payment lol! (143 points, 57 comments)
    10. This is my new favorite ICO. (130 points, 94 comments)
  7. 2037 points, 11 submissions: dyzo-blue
    1. Butter informs his tribe that he has decided to leave. Tribe kindly wishes him good luck and a happy new year. (510 points, 81 comments)
    2. STORE OF VALUE. (184 points, 32 comments)
    3. TIL: Apparently butters are mostly models who have meet-ups on boats. (167 points, 43 comments)
    4. Bitcoiner asked me if I was in the "crypto game" (165 points, 140 comments)
    5. Bitcoin’s energy consumption is growing at 20% per month and is effectively erasing decades of progress on renewable energy (160 points, 93 comments)
    6. Steve Bannon is creating a cryptocurrency to fund global fascist movements (155 points, 175 comments)
    7. Firesale! Firesale! All I see are CHEAP COINZ. (154 points, 130 comments)
    8. The electricity required for a single Bitcoin trade could power a house for a whole month (147 points, 81 comments)
    9. Who sees this pop-up and thinks, "Hmm, seems legit"? (146 points, 40 comments)
    10. From California's Governor Primary Ballot (126 points, 28 comments)
  8. 2035 points, 13 submissions: 18_points
    1. BitGrail insolvency due to people editing client-side javascript and withdrawing free NANO! (279 points, 115 comments)
    2. Butter rushes to exchange his iMac for a MacBook hours before return policy expires, doesn't copy his wallet seed. $170K SFYL, mass adoption imminent. (205 points, 102 comments)
    3. LA Times: The only currency worse than bitcoin is Venezuela’s (176 points, 78 comments)
    4. Butter makes $1.2mm, quits his job, proceeds to lose 80% (175 points, 76 comments)
    5. Bitcoin.com openly admits Tethers are backed by nothing (158 points, 99 comments)
    6. Tether CFO: "Tether may no longer continue to use the US dollar anchor in the future." (152 points, 80 comments)
    7. Aaaand it's gone.... Stablecoin basis closes shup after raising $133 million (151 points, 61 comments)
    8. Guy travels abroad paying with bitcoin. Just kidding, he couldn't pay with bitcoin - best he could do after 2 days trying was trade bitcoin for cash 20% below spot. (138 points, 62 comments)
    9. Because this chart never gets old ... (126 points, 46 comments)
    10. Tether crashing on Kraken, down to $0.98 (125 points, 69 comments)
  9. 1985 points, 6 submissions: cool_playa
    1. a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site (1111 points, 170 comments)
    2. Cryptocurrencies: Last Week Tonight with John Oliver (HBO) (256 points, 72 comments)
    3. Charlie Lee gets put in his place (185 points, 29 comments)
    4. Vitalik rethinks his stance as a Libertarian due to the current cryptocurrency ecosystem. Regulations are actually good he says. LMAO. (180 points, 86 comments)
    5. Twitter CEO says Bitcoin is the future / Twitter bans cryptocurrencies from advertising on their platform. (129 points, 11 comments)
    6. Bubble, Bubble, Fraud and Trouble - New York Times article (124 points, 81 comments)
  10. 1916 points, 10 submissions: Cthulhooo
    1. Ladies and Gentlemen I have an innovative idea that will change the landscape of cryptospace forever. I present you the infinite reverse Ponzi scheme. (355 points, 237 comments)
    2. ETH is now officially a 2 digit shitcoin! (258 points, 110 comments)
    3. So this is how blood in the streets looks like... (215 points, 91 comments)
    4. Missed us? (211 points, 44 comments)
    5. The new paradigm (of spam) has arrived. (171 points, 45 comments)
    6. Attention all personnel. (168 points, 62 comments)
    7. Not only bloomberg or CNBC. Even national media all over the world are screaming about tether manipulation. This is good for buttcoin. (168 points, 42 comments)
    8. The biggest bagholders on the planet are actually institutions. Bought bitcoin for $40k (142 points, 44 comments)
    9. Millions of dollars stuck forever in a buttchain thanks to an international community effort to establish the largest comedy gold black hole up to date. (116 points, 28 comments)
    10. Smart ponzi FOMO3D round 1 ends way too early with a creative twist (112 points, 98 comments)

Top Commenters

  1. SnapshillBot (15642 points, 683 comments)
  2. Cthulhooo (11080 points, 1057 comments)
  3. Tomatoshi (10485 points, 577 comments)
  4. newprofile15 (7365 points, 477 comments)
  5. jstolfi (7325 points, 766 comments)
  6. JeanneDOrc (6318 points, 827 comments)
  7. friosc (5326 points, 244 comments)
  8. Woolbrick (5088 points, 318 comments)
  9. Crypto_To_The_Core (4838 points, 678 comments)
  10. HopeFox (4673 points, 331 comments)

Top Submissions

  1. I'm having an orgasm watching the prices dropping - upvote if you're a sick a degenerate like me by deleted (1456 points, 340 comments)
  2. Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs by borderpatrol (1269 points, 553 comments)
  3. a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site by cool_playa (1111 points, 170 comments)
  4. And the returns have already begun. One person and a known reseller we get regularly. by cloud3514 (907 points, 278 comments)
  5. c o m p u t e r s c i e n c e by brokenAmmonite (856 points, 125 comments)
  6. U.S. Launches Criminal Probe into Bitcoin Price Manipulation by BitcoinTrolling101 (761 points, 218 comments)
  7. Debating Bitcoin by Orbalisks (747 points, 114 comments)
  8. TIL bitcoin is called the currency of the future because all currency transactions are confirmed in the distant future. by Thief_1 (720 points, 37 comments)
  9. M A T H E M A T I C A L L Y I M P O S S I B LE by NORATHEDESTROYER (693 points, 86 comments)
  10. This is the best take of crypto-currency that I've ever seen. by deleted (689 points, 137 comments)

Top Comments

  1. 1874 points: AlbertRammstein's comment in The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice
  2. 1263 points: Mike_Prowe's comment in Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs
  3. 820 points: Slayer706's comment in Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs
  4. 577 points: deleted's comment in The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice
  5. 571 points: cloud3514's comment in And the returns have already begun. One person and a known reseller we get regularly.
  6. 496 points: SnapshillBot's comment in a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
  7. 382 points: vytah's comment in Holy Satoshi! Butter pays 85Btc transaction fees for a 16Btc transaction. Is this the largest fee ever paid?
  8. 380 points: Tomatoshi's comment in It's already happening. GPU market is about to get really hot.
  9. 361 points: ShiteFlaps's comment in Why are you guys such salty fks?
  10. 331 points: -charlie-kelly-'s comment in a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
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From Ge You-esque Slouching to Blockchain Decentralization

These days, all my friends are very anxious. I heard that they stay up till 3am working on the blockchain, sending ICOs, talking about things like “if it rises or falls within the range of 50%, it’s called a stable sideways move”, and “the profit rate will at least be 100 times”. They also talk about the next-generation Internet, the greatest technology revolution since the Industrial Revolution. So, how does this decentralized blockchain influence our life?
Before we talk about the challenge of decentralization, we have to figure out why the challenge of decentralization exists.
Things after a long period of division, tend to unite; after a long period of union, tend to divide.
It is believed in China that “domains under heaven, after a long period of division, tend to unite; after a long period of union, tend to divide.” This rule applies not only to history, but also to the development of the Internet industry.
In the past, the Internet was only used to make phone calls and was monopolized by one or two large companies. This was because of the circuit switching technology back then. If we look back to even earlier age, we’ll find that people had to use manual wiring. Such low level of technology determines that the network at that time can only be centralized.
But the improvement of technology always leads to the new round of decentralization. The invention of the TCP/IP protocol gave an impetus to the arrival of the Internet era. As packet switching took the place of circuit switching, information could get around freely. Under such circumstances, it was simply impossible for one single company to monopolize the the resources of the entire network. It brought us the era of decentralization. Many portal sites and personal blogs came into being, and everyday there were newborn projects plunging into the great tide of the times.
This state of decentralization lasted for a while, then new problems appeared — information was difficult to search
Driven by this demand, search engines and super APPs became the new centers of the whole system. However, based on the data and portals that they had, these apps could collect more data. This is how centralization got to the era of cloud computing and big data.
Just as the time when TCP/IP made the world decentralized. Today, the new technology of blockchain has once again led the world to an era when centralization gives its way to decentralization.
Blockchain, Value Network and Consensus
Many years ago, I had thought, “Why can’t I just put my money into a file folder, in which each file represents a certain value, and when I send someone else a file, I simply transfer my money to him?” It is a pity that this idea could not be achieved by traditional Internet. The traditional Internet is a net of information and can only transmit the copies of those information. However, value, is not easy to transmit. But the birth of blockchain has totally changed the game and made it possible for value to be transferred, just as information is transmitted. This is the magic and charm of blockchain.
Transactions on the blockchain can only be generated by the user’s private key, and once they are recorded by the blockchain, they are impossibly to be changed. Based on the consensus of certain mathematical principles, people can trade with everyone without trusting them. Where there is consensus, there is possibility of cooperation.
All the wars and tragedies in human history are nothing but the result of the failed consensus. After the financial tsunami in 2008, almost at the same time, two people thought of a solution to all trust problems in the world.
l A Chinese and a Japanese
l Ge You and his invention, the conflict resolution terminal
l Satoshi Nakamoto and his invention, blockchain
I have explained to others what blockchain is for a million times —
  1. It’s a distributive ledger.
  2. It’s a decentralized application.
  3. It’s a consensus platform.
  4. It’s cryptocurrency
  5. It’s token economy.
I was totally enjoying my explanation, and the listeners were always like “What on earth are you talking about? Can you stop speaking Greek?”
Let’s watch an interesting video first. it’s called “Ge You and his conflict resolution terminal”. After that I’ll explain what blockchain actually is.
URL: https://v.qq.com/x/page/e133670fxux.html
Ge You is a famous Chinese comedian actor, and I mention him here just for fun. In this movie, his conflict resolution terminal only has two nodes, and simply by this, he defrauds another man to bankruptcy. We can just give it a laugh.
We can understand blockchain in this way: it is a conflict resolution terminal that countless people can participate at the same time. It can seal all the transaction contracts collectively, and no sealed participants can withdraw their transactions. One particular feature about the seal is that it’s a very complex paging seal, so that no one can change the data in it.
Using his knowledge in cryptography and POW algorithm, Nakamoto really implemented such a conflict resolution terminal. The world’s top scientists and mathematicians have verified the solidity of this theory, and after nearly ten years of running tests, nothing wrong has ever happened. And its value has increased by millions of times.
Well, I also admire Mr.Ge and his efforts for world peace.
The challenge brought by decentralization
OK I’ll skip the chitchat and go back today’s theme, the challenge of decentralization.
The challenge of technology development
Change is the only constant in life. Technology is updated and renewed everyday, and so is the technology of decentralization.
Because of its trustworthiness by nature, many systems that requires an intermediary to increase credibility are strongly impacted, such as banks, insurance industry, and lottery industry. Beside that, due to decentralization and anonymity, decentralization will impact existing industry rules in many gray dark-web trades or in the field where the law is lagging.
From the perspective of security, any problems caused by the high centralization can have great social consequences.These days, Facebook is facing a 2-trillion-dollar fine for its data breach, which is a wake-up call for everyone. As for China, let’s just imagine how our life will be impacted if Tencent or Alibaba or any other Internet industry giants go wrong.
With the commercialization of 5G technology and the explosive growth of IOT devices, the Internet traffic has shown an exponential increase. The asynchronous growth of the terminal devices and the server is a bottleneck that all centralized processing systems will eventually face.
The challenge of awareness.
We can catch up when our technology is left behind, but we will forever be stuck in the past if our mind is left behind.
Many of us have a belief that the society in which we are living, was, should be, and always will be what it is now. It’s not true.
The money you are using is not actually your own money.
The money we use today has not always been the same. In fact, it is only a few decades old. Before the Bretton Woods system collapsed, it required equivalent value of gold as the credit guarantee to issue currency. And nowadays, we always see news like the following:
1)The U.S. national debt has exceeded 20 trillion U.S dollars. 2)Xiong’an New Area received 100 billion yuan of credit. 3)China Merchants Bank grants 4 billion yuan of credit to Anbang Insurance Group
4)Anbang Insurance Group granted 10 billion yuan of credit to Guangyuan
If you can understand that national debt and credit are the same as direct currency printing, you can understand that the money you use is actually not your own money.
Blockchain is a bubble. So is the very essence of currency itself.
The reason why the release of TOKEN is so popular is that people for the first time actually realize that the essence of currency is credit. Credit, however can be created by media packaging and celebrity platform. And TOKEN is human’s first try to issue currency by blockchain. In the past, it took real guts to do such things. People who can understand it, will be zealous for it. People who don’t, call it fraud.
Companies, have not always been like their current form. Actually, in the future, they might even disappear.
Economic rules tell us that the transaction cost is the reason why company exists. A company will eventually grow to a state in which the company’s transaction costs and management costs are in balance. After that, the expansion of the company will lead to the increase in management costs. However, in the future blockchain world, the transaction of costs will inevitably converge to zero. Can companies still find their reasons to exist at that time? It’s not a long time since the first company came into being. So I would like to say that, the demise of the form of companies will not be far in the future.
In terms of market value, bitcoin market value is over $190 billion, exceeding Goldman Sachs and Morgan Stanley, as well as Boeing.
In terms of trading volume, some bitcoin companies such as Binance, OKEX and Huobi have almost reached the scale of the China A shares.
And here comes DAO, Distributed Autonomous Organization. In the future, more and more companies will be community-oriented on the base of blockchain. Also, there will be more start-up companies choosing to finance by blockchain and operate as a community directly.
Different people will have different feelings and understandings even when watching the same TV series. I watched a Chinese TV series called “Nothing Gold Can Stay”. It led me to think that, in the era of emerging capitalism, how greatly the traditional family business was impacted by the new production relations of the companies. The protagonist Zhou Ying, richest women in her province, failed not because she did not do well, but because the backward production methods dragged her down to the inevitable tragedy. Similarly, in the future, it’s not because that you are not good enough, nor your company is not good enough, but because more and more companies change their patterns and choose a decentralized and community-based mode.
Challenge of the society
The law always lags. Code is the (new) law.
The laws in almost in every country stipulate that users’ data on the Internet only belongs to the users themselves. Companies like Huawei and WeChat also claim that the data belongs to the users. But they know clearly that the data belongs to whoever has access to it.
Facebook, as well, claims that they will protect the user’s data. However, things turns out that they sell the data to whoever pay them.
All software has user authorization and agreement terms, but who will actually read it? What’s the point of reading? Since the law is merely a useless ceremony thing.
There are hundreds of laws about company governance and financing, but how does it do with decentralized communities?
The law stipulates that whoever commits a fraud over a certain amount of money will be put into jail. But in reality, there are people who just defraud billions of dollars by using the blockchain, and the law can do nothing about it.
The country is also a form of relation of production
Chinese students have learned about the relations of production since primary school. I’m not very good at it, so I won’t dig too deep.
Today, we are living in a centralized society, working in a centralized company, getting paid with the temporary coinage issued by the centralized system and imagining the challenges that decentralization will bring to our lives. Of course, our biggest goal is to make a better and fairer society by blockchain, where everyone will have more new opportunities.
In the end, I’d like to end up my speaking with a song. It’s called “ Song of Blockchain”. Hope you enjoy it.
— — — — — — — — End — — — — — — — — —
Guoping Liu
Blockchain technology and applications expert, one of Bitcoin’s first miners, founding developer of the Hero mobile cross-platform framework, president of the Hero Council. Formerly @ Wind, The9, and Dianrong, where he was heavily involved in the development of Dianrong’s blockchain applications.
Previously spent many years developing the Hero framework and blockchain applications. In 2017, meshed the two together to create Hero Node, aimed at making distributed applications easy to develop for everyone. Staunch believer in a better future with distributed applications.
In an open world, Hero Node welcomes any and all feedback. Especially helpful feedback will be rewarded!
Talk to us: Email: [email protected] Twitter: Hero Node
submitted by HeroNode-official to u/HeroNode-official [link] [comments]

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