How do we get Bitcoin to the mainstream?

Bitcoin already has a PayPal integration, an international banking platform and a very attractive logo. Regulators have taken advantage of the digital currency and a growing number of merchants are already accepting Bitcoin as a means of payment.

Even the biggest supporters of Bitcoin know it will be a long way. Curtis Fenimore’s attempts to make Bitcoin more widely known have stalled. Fenimore has used the good old method of posters to draw people’s attention to Bitcoin. Unfortunately only with a smaller success than expected, says Fenimore.

So the majority of mankind still has no clue what cryptosoft is

“We still have a very long way to go,” Fenimore says. The perception problem, however, has more to do with depth than width. Bitcoin enthusiast Erik Voorhees said in a conversation that half the people he spoke to have heard of cryptosoft, but only a very small percentage of people understand what it means. More about it here: Cryptosoft Review 2018 » Full Scam Check

That’s normal, Voorhees said:
“It was exactly the same with PayPal and the Internet. People had heard about it and only an approximate idea of what it really is before they finally tried it out.”

The learning curve for the crypto trader

So how can you educate crypto trader who have only heard of Bitcoin but don’t know exactly how the digital currency works? We are still in the speculation phase where people hope to make fast money. This early and immature phase of digital currencies can turn out to be advantageous, onlinebetrug said about crypto trader.

Gradual price bubbles have an effect also called “flood theory”. When prices rise, people wake up and sense the potential to make fast money. It may only be a short-term reaction, but such price movements always attract new followers.

When the price drops again, some will retreat, but some will stay and those are the ones who deal with Bitcoin and know what is behind it. With every big price movement and bubble, the number of people who will use Bitcoin as a means of payment in the future increases.

Where does the motivation come from?
What about the people who are not investors? Quite normal citizens who have it hard to make ends meet alone? The Bitcoin community has big problems to arouse the interest of these people.

If we leave out the political and ideological arguments, since they are anyway hard to communicate to busy parents with 3 jobs, there is still the “Why should I use it problem”. Many people love their credit cards or cash. They simply wonder where the benefits lie and why they should pay with Bitcoin.

“There are many possible uses for Bitcoin, but none have yet captivated the public. There is no “killer app” yet, says Voorhees.
However, the recently appointed director of the Bitcoin Foundation said these applications are coming to market so slowly:

“There are more and more blockchain applications that solve people’s real problems. This will increase adoption and have a positive impact on the entire Bitcoin industry.

Of course, this assumes that an average Joe or Jane has at least a vague idea of what the blockchain is and what a Bitcoin wallet is. This is a process that the Bitcoin community is currently working on, according to “Bitcoin Jesus” Roger Ver.

Mt. Gox: “Bitcoin market crash not our fault”

The crypto exchange Mt. Gox denies that it is partly to blame for the fall in the exchange rate of the crypto currencies. Mt. Gox had sold in the past winter Bitcoin and Bitcoin Cash in the value of over 400 million US Dollar.

Parallel to this, the Bitcoin loophole share price fell in several phases

The insolvency administrator of Mt. Gox, Nobuaki Kobayashi, has issued a statement in which he comments on the allegations regarding the Bitcoin loophole sale. In the Q&A document, he states that he sold Bitcoin (BTC) and Bitcoin Cash (BCC/BCH) from December 2017 to February 2018. When asked how he chose the timing, Kobayashi replies:

“Since the market price of BTC and BCC [BCH] is subject to significant fluctuations, it is difficult to predict whether the Bitcoin loophole market price will rise or fall at any given time. I have determined the exact timing after consulting the court.”

Exact the news spy transaction periods not known

He does not reveal how, where or when the news spy transactions took place. The reason for this is that potential future sales could otherwise be jeopardized. When asked whether the sale influenced the market price, Kobayashi answers: https://www.forexaktuell.com/en/the-news-spy-scam/

“I did not sell BTC and BCC [BCH] through the Exchange in the normal way, but in a way that avoided influencing the market price and at the same time ensured the security of the transaction as much as possible. The court has approved the selling method. Therefore, I do not believe that our sale of BTC and BCC [BCH] affected market prices. Please note that the transfers of addresses that I manage do not necessarily mean that I sold the Bitcoin at those times. Please refrain from analyzing the correlations […] between our sales and market prices based on the assumption that the sales occurred at the time that BTC and BCC [BCH] were shipped from the addresses I manage. Such an assumption is wrong”.

So the public movements on the Mt. Gox accounts are not supposed to have been the actual transactions. Since they do not disclose the method, many now assume that they are trading on a dark pool.

Analyses do not give a clear result
An analysis by Cointelegraph showed that sales (if they had taken place at the time in question) were not very decisive for the overall trend, at least in the short term. The daily closing of the Bitcoin price was negative only once after the five sales. It was possible that the sales caused the share price to slide for a short time, but investors immediately let it rise again. Nevertheless, the quantities that Kobayashi is currently selling are likely to cause panic in the market. Other analyses concluded that Mt. Gox was very likely partly to blame for the price drop.

Mt. Gox was one of the leading Bitcoin Exchanges until she fell victim to a hack in 2014. Approximately 850,000 Bitcoin were stolen. The company was then forced to file for bankruptcy. After it became known two weeks ago that Mt. Gox had sold 35,841 Bitcoin and 34,008 Bitcoin Cash to become liquid for its creditors, there was criticism. The sales took place during the same period in which the Bitcoin and other crypto currencies had lost heavily in value. Many accused the stock market of having sold at a bad time and at too low a price and of being partly responsible for the downward trend.

Spain. Football legends Puyol: Football Legends Puyol and Iniesta Launch Social Network on the Blockchain

Carles Puyol, Andres Iniesta and Ivan de la Pena have announced the launch of the blockchain platform Olyseum. The three former players of FC Barcelona and the Spanish national team are creating a social network for sports fans worldwide. The developers want to use the Football World Cup to test the application for the first time.

Technical know-how also available on the news spy

It will be the last time that Andres Iniesta will be on the big stage of world football. After announcing his departure from his home club FC Barcelona at the end of the season, Andres Iniesta will also end his highly successful national team career after this World Cup. So the time has come to look at the news spy new things and plan his “career after career”. For Iniesta, this obviously also includes a blockchain application and the news spy.

To this end he has teamed up with the former captain of FC Barcelona, Carles Puyol, to work on the Blockchain platform Olyseum. Puyol will be painfully remembered by most German fans for scoring the winning goal to 1-0 against the German eleven in the 2010 World Cup semi-final. Also on board is the lesser-known Ivan de la Pena, former teammate of the two in Barcelona and in the Spanish national team.

Olyseum: Blockchain Social Network for Bitcoin secret

With Olyseum, the three Catalan football players want to build a closer bond between active and former footballers and fans. With the help of Smart Contracts, the aim is to introduce an incentive programme for fans participating in the network like this Is Bitcoin Secret a Scam? Read This Review Before You Sign Up!. These contributions will be rewarded in the form of exclusive merchandise, VIP tickets and unique experiences with idols. In Spain, the Blockchain platform has been in existence since 2016 and is also one of the most popular Bitcoin secret sports apps in Latin American countries that have historically had close ties to Spain.

“Throughout my career at FC Barcelona, I have had the unwavering support of millions of fans worldwide. Andrés, Iván and I have joined forces to give the fans the opportunity for real participation. Together, we want to create a place of collaboration for lovers of this beautiful sport and interact with users who feel the same way we do,” said co-founder Carván, says co-founder Carles Puyol.

But not only (former) footballers are involved in the project, the technical background is also taken care of. The company’s CEO, Carlos Grenoir, is a PhD in Computer Science and Telecommunications with a background in Information Security and Neuroscience. He has also been involved in the creation of Quantum Fields Technologies, which deals with security projects, research and development of AI and intelligent social networks.

The app will be tested with fans for the first time during the current World Cup. Fans from all over the world will gather in Russia to celebrate a football festival together. The best opportunity for the Olyseum project is this evening (15.06.2018). Andres Iniesta and his Spanish team are playing against their Iberian neighbour Portugal.

The background of the Polish anti-Bitcoin campaign

Earlier this week we reported on the grotesque “educational campaign” of the Polish central bank on Youtube. The video, which is supposed to warn of the dangers of crypto investments, has made a big splash. Now we want to take a closer look at the background and motives of the video and Poland’s attitude towards crypto currencies.

Opinion of the National Bank about the Bitcoin secret

Until the controversial Youtube video about the Bitcoin secret on warning of the dangers of crypto currencies saw the light of day, Poland’s opinion about Bitcoin & Co. was rather neutral to positive. In 2013, an official of the Polish Ministry of Finance soberly said: “What is not forbidden is allowed”. In his opinion, however, Bitcoin secret cannot be considered a legal currency. Two years later, the Polish Ministry of Finance announced:

“Any regulatory measure dealing with the problems of trading virtual currencies should, in view of the cross-border nature of these transactions, be taken either as a result of initiatives at EU level or due to irregularities in the crypto market”.

In February 2015, Filip Godecki, CCO of the Polish Crypto Exchange Bitcurex, assessed the government’s position as neutral. In his opinion, the institutions would wait cautiously to see what exactly they would be facing. Although there are still no explicit regulatory measures, in February 2017 trading in crypto currencies was officially recognised in Poland. Shortly afterwards, the government announced its intention to support the digitisation of the national crypto-currency market. In addition, start-ups should be supported so that they can establish themselves on the market. To this end, several programs to promote blockchain technology were launched, e.g. the “Blockchain / DLT Stream and Digital Currencies” program of the Ministry for Digitization. It is therefore not surprising that many crypto-currency companies have settled in Poland over the years.

Total turnaround of the cryptosoft?

On the basis of these measures one could think that Poland has recognised the potential of cryptosoft and wants to adopt a pro attitude towards crypto currencies. In this context, the anti-bit coin video financed by the National Bank is surprising. This had made a big splash in the community. On the one hand, it was not marked as a sponsored video, the financing by the Polish central bank was only subsequently revealed. On the other hand, it is supposed to warn of the dangers associated with investments in crypto currencies. However, the way the cryptosoft video is presented can rather be seen as slanderous and not as instructive. In the course of the previous steps towards a crypto-friendly Poland, the question now arises as to what the country really wants. The website of the National Bank of Poland (NBP) also points out that crypto currencies are not genuine currencies or legal tender.

The Polish news portal Doradca.tv contacted the NBP directly and asked about the concrete reasons for the campaign. They received the following answer:

“The aim of the campaign is to warn of the risks associated with investing in virtual currencies, which users should be aware of before they decide to invest their savings”.

After these risks have been explained at length, the NBP adds:

“At the same time, we want to stress that the NBP is not against the development and use of blockchain technology, but the use of this technology in the financial market must be safe and reliable, as is the case with other technologies”.

The way in which the NBP wanted to warn is putting this statement in a doubtful light. Many national banks seem to want to warn potential investors about the risks of crypto currencies. But the NBP’s anti-bit coin video has caused outrage in the crypto community. It is therefore questionable whether the actual purpose of the campaign was fulfilled here.

Investment and 51 Percent Attack: The Fundamental Value of a Crypto Currency

As the recent discussion about a 51 percent attack shows, security will have something to do with it. A study by Husam Abboud tries to create such an index.

In an article on June 2, we discussed the “investment case” of 51 percent attacks. We presented page 51crypto, which calculates the cost of a 51 percent attack based on Nicehash prices.

“What is the value of a crypto currency?”

However, to call such an attack an “investment case” is certainly ironic and should not be recommended. A consideration of the resilience of a system against majority attacks belongs however to the evaluation of a crypto currency.

Decentrality is the original idea behind Bitcoin and thus behind crypto currencies. As emphasized elsewhere, the properties associated with scalability are important, but if the central motivation behind crypto currencies is ignored, the question arises as to what is so bad about existing financial systems.

The page are we decentralized yet considers different crypto-currencies with properties related to a degree of decentralization. In addition to the concentration of capital, this includes the number of client variants used and the number of nodes as well as the number of entities that together make up more than 50 percent of the hashrate. Although these individual values are represented, they are not included in an overall view, which could be the basis for a decentralized index.

The H/R Index: A Measure of the Stability of a Crypto Currency

Husam Abboud presented another approach focused on 51 percent attacks to the FECAP in São Paulo in a paper. The H/R index he developed captures and evaluates the hashing power and stability of a crypto currency.

The core hypothesis of the paper is that the security of a crypto currency is the backbone of it. On this basis, Husam Abboud defines the underlying computing power as a measure of the intrinsic value of a crypto currency and thus the hashrate.

Another important measure is the cost of a 51 percent attack. The higher the costs, the more secure the system is. These costs consist of the initial costs for the hardware and the current electricity costs. A related index is more generally the security of a cryptography underlying the crypto currency.